Sundaram Infotech launches Sarva Nidhi for NBFCs

Sundaram Infotech Solutions (SIS), the IT services division of Sundaram Finance Ltd (SFL) has launched Sarva Nidhi, an application software based on Vertical Service Provider (VSP) model. The software would address the needs of the hire-purchase business of non-banking finance companies (NBFCs). 

Sarva Nidhi comes in six modules, which addresses the entire gambit of hire purchase right from the time the consumer walks-in till the contract with the customer ends. This would include processes such as proposal creation and approval, document verification, contract creation, payment processing, agreement finalization and collection management. Developed in the Oracle platform, Sarva Nidhi is based on the VSP model which provides all IT services such as application software, hardware, system software and the network. 

The software would be hosted at the data center of SIS wherefrom the customers would be given access to the software. All that a customer needs to have is an ISDN connection and a desktop, thus relieving them of the problems of maintenance of data and other IT related issues. 

The service would be offered to the customers on a rental basis. "We will be charging based on the number of contracts a company has in the data center," said K Swaminathan, Vice President, SIS. The company has invested about Rs 8 to Rs 10 crore in the data center which accommodates 40 servers. It is targeting NBFCs handling 1,000 to 15,000 contracts. "Initially our target customers will be 50 to 100 NBFCs in South India. However, we have market for at least 50 percent of active NBFCs in the country. Over the next six to nine months, we are hoping to get at least 10 customers," he added. From hire purchase, SIS intends to extend its focus into the entire financial service domain.

SIS is using Sarva Nidhi for the past seven years. "Our experience has come into it," added Swaminathan.