Verinite signs deal to enable a successful Debit cards & Switching system transformation for a Top 10 bank in Philippines!!
Verinite is pleased to announce another strategic project win from one of our esteemed clients in Philippines. Our client bank is one of the top ten private domestic Universal bank in terms of assets, deposits, capital and return on equity. This project win strengthens our position as preferred partner for the cards projects with the bank.
Bank is currently on a transformation journey to enhance its core systems that includes migration from legacy debit processing platform to a new improved DCMS. The migration will be conducted in phased manner. The migration comprises of close to 1000 ATM handlers and 0.6 million card base including Prepaid as well as Debit cards. It’s a challenging project given the timelines and complexity to move away from a single source processing system to dedicated host processing system.
As part of this engagement, Verinite will be managing the entire program with total transformation initiative cost pegged at USD 5 million to ensure an on-time, within budget, seamless and issue-free implementation. Also Verinite will be owning up the data migration, functional, customization and interfaces testing stream. The scheme certification stream will involve getting certification for Visa, MasterCard and BancNet.
Team Verinite hopes to build on this win to serve more banks & finance companies in Philippines as they embark on cards business / technology initiatives. Salamat po !!
As always said “ Faith doesn’t make things easy, it makes it possible” and Verinite takes a stride into Kuwait with the faith of providing support and assistance to their Banks with technology services for Cards and Lending Business. We are making it possible by serving our first esteemed client in Kuwait. Customer is one of the fastest growing banks in the Kuwait, offering prominent services in Corporate, Private, Premium and Retail banking.
Verinite, has been entrusted to support the switching and debit card system (HPS PowerCARD application) which covers the analysis, testing and implementation support to ensure uninterrupted services to the bank’s customers. Our track record of successfully delivering HPS PowerCARD related projects for the client, our knowledge in the domain of cards and application expertise have proved to be the key differentiators.
Verinite is responsible for system configuration, defining templates for new products, develop/maintain interfaces, testing of issues/enhancements/compliances/CR’s, improving overall service delivery mechanism and guiding the bank’s team in parameterisation across the suite of HPS PowerCARD modules. Verinite expects to deliver its famed “Verinite Advantage” which will allow banks to solely focus on core activities, avail increased technical expertise, improve internal staff efficiency and realize cost savings.
It can be rightly said that “Trust and expertise” are the heart and soul of an enterprise, and success of a business depends on the connections you create and nurture. Now, it’s time to prove the value of our services and reassure the client of all the success they look forward to in all their endeavours. This first impression will set the tone for our relationship and possibly determine its future. And that is why a successful client being on-board is critical for building value and driving long-term customer satisfaction.
Verinite is proud to announce that we have been re-certified to PCI DSS standard v 3.2 Compliance level 1. The PCI-DSS certification annual audit was conducted by MKPSG, a leading Qualified Security Assessor (QSA). They examined our complete infrastructure, processes, policies for the Pune centre and confirmed that it was meeting with PCI-DSS compliance requirements. This means that our systems have yet again passed most rigorous information security requirements.
“It is a proud moment for Verinite to be recertified as a Service Provider (Level 1) under PCI DSS version 3.2. We are committed towards providing a highly secured environment for our customer’s data and the recertification helps to justify our commitment!” said our Head of Engineering, Sankhadeep Chakraborty.
“Complying to PCI DSS is quintessential for banks and for its vendors. PCI DSS re-certification gives re-assurance to all the clients that Verinite is more secure and trustworthy organization.” said Prasanna Chitale, Head of Innovation at Verinite.
Indus Software Technologies Pvt. Ltd a leading global provider of software products and solutions has entered into a global partnership with Verinite, a technology consulting and services company, to enable clients harness higher value by implementing Indus product Suite across emerging markets. This alliance will accelerate the implementation of innovative lending automation solutions and provide a faster turnaround, scale and higher value to Indus customers.
Verinite will provide services for application implementation, integration testing and support on Indus lending product suite. Verinite will leverage its proven experience of consulting, implementation and support in cards, payment and lending domain for emerging markets to deliver a differentiated experience across application life cycle. Together, we are confident of delivering faster, better and high quality implementations thus providing an unabridged 360 degree coverage.
Ashish Katkar, Managing Director, Verinite, said:
Customer centricity, nimbleness, flexibility and empathy driven approach have been corner stone of Verinite’s story. We saw similar values-driven approach with Indus. This along with our complementing skills, expertise and pedigree makes us potent combination for our clients and prospects. The emerging markets are going through a transformation cycle where banks want to implement innovative lending solutions to compete in the market space. This partnership will help all these clients to fast track the implementation life cycle and provide high quality on-going support.
Raj Swaminathan, Executive Director & CEO, Indus Software, said:
It was a natural fit for us to partner with Verinite as they have extensive implementation experience in the banking and lending solutions. Verinite also comes in with competency to leverage geography specific talent in emerging markets where Indus is also witnessing huge demand for its solutions. We are confident that with this partnership Indus with ramp up its implementation capability and will offer a sustained value proposition to its clients.
Founded in 1990 Indus offers a specialized suite of products and technology solutions for Banking & Finance, Telecom and Insurance Industries. Our innovative enterprise level loan origination, receivables management and debt management solutions are trusted by over 100 plus clients spread across 50 plus countries. With our deep domain understanding and through our learnings from industry best practices we continuously enhance products to deliver the most relevant solutions to our clients. Headquartered in Pune and with development centers in Chennai and Pune we support 150 plus implementations across the globe.
For more information, visit www.indussoft.com
Verinite is a Consulting & IT services company catering to the clients in the banking domain. The core domain expertise is concentrated towards cards, payments and lending solutions. Verinite defines, designs, manages, develops, tests and delivers technology enabled business solutions. Verinite has its offices in India and the UK. We are currently supporting banks and financial institutions in emerging markets – South East Asia, South Asia, Middle East & East Africa.
For more information, visit www.verinite.com
Verinite signs up with a leading bank in Sri Lanka to support a strategic cards business initiative!!!
Verinite signs its 2nd customer in Sri Lanka to support one of the strategic initiative for cards business. Client is a licensed commercial bank headquartered in Colombo offering products to retail, corporate and SME segments.
Our client has recently launched credit cards on Euronet Platform. It has taken up an important strategic initiative with Visa / MasterCard with launch scheduled in last quarter of year 2018. Bank was looking for a partner who could handhold them through this complex launch process, test the new system, manage certification and define business operations processes. Verinite was chosen as the trusted partner to support this strategic program. Our demonstrated experience of system implementations, deep Euronet system expertise and proven credibility as cards domain player proved to be the clincher.
Verinite will be responsible for system configuration, implementation strategy definition & testing, end-to-end functional testing and interfaces testing for this project. This is another big win as it strengthens our positioning in Sri Lanka as preferred partner for cards initiatives / programs.
Team Verinite hopes to build on this win to serve more banks & finance companies in South Asia as they embark on cards business / technology initiatives.
New year brings joy and happiness so do we; Verinite Labs is happy to launch a new addition to its product line called Veribot™! Imagine it as an army of Robots doing the tasks on your computers efficiently and yet invisible to your eyes.
With this product Veribot™ you can name a task that can be automated on a computer and we will deploy a Verinite Robot i.e. Veribot™ to do it. Veribot™ diligently offers its services to a plethora of banking financial functions, processes & day to day activities. May it just be a laborious task of vast amounts of data entry or time triggered events without human intervention. You can think of Veribot™ as a Digital Workforce that features characteristics of code-free, operator friendly, increased efficiencies, detailed data capture, & improved Compliance.
Veribot™ is our solution to the growing needs of process automation, avoid manual errors, ginormous repetitive tasks to be carried out without a human intervention. Veribot™ product precisely works on these lines and the best of all it can be customized to customer needs and trained robots will do the work, simple! Verinite Labs has developed this product keeping in mind all of the above needs. So we are proud to say that its more than just a COTS solution. It has numerous usages and unlimited capabilities. Markets are more demanding and they are demanding more and more by not just automating one process but to be able to modify it if needed from time to time with minimum technical knowledge & IT support. Our product is business user friendly designed to provide these kind of solutions. Veribot™ allows organizations to manage process automation with greatest ease from a central server with multiple robots operating at several individual desktops.
You have a system or a process no matter small or large that requires automation our experts can help you provide a customized solution to best suit your needs. Providing ample opportunity to define and getting a flexible solution that is fit for purpose with ease of use. IT’s an enterprise solution that will increase efficiency & provide cost savings. As per studies carried out it showcases an approximate costs savings of 35-60 %. With the early time to recover costs this solution becomes profitable in no time. Seamless integration to other satellite systems and compatible with other products and AI solutions too.
So what are you waiting for? If you have computer processes that consumes efforts and cyclic in nature we can solve it for you. Freeing up your resources for a greater use. Let’s get ready to automate – Veribot™ is your solution !!
Readers Stay Tuned for the Q&A Session by our Head of Engineering for more details about the product!!!
Verinite signs up with consumer finance company in Abu Dhabi to support credit and prepaid cards migration onto HPS PowerCARD
Verinite signs its 2nd customer in United Arab Emirates to support credit and prepaid card migration. Client is Public Joint Stock Company incorporated in the Emirate of Abu Dhabi, United Arab Emirates and is well recognized as a niche player that offers consumer and commercial finance, as well as proprietary investing.
Our client has outsourced processing of its credit and prepaid cards to a third party payment processing company in UAE. The current portfolio includes both conventional and Islamic products. Client made a decision to insource the cards processing to leverage the latest technology CMS platform and bring greater control to deliver above industry average growth for cards business. This meant migration from VisionPLUS on to its chosen platform HPS PowerCARD.
As client will be insourcing the cards processing, they were looking for a partner who could handhold them through a complex migration process, test the new system (Conventional & Islamic both), manage scheme certification and define/refine operations business processes. Verinite was chosen as the trusted partner among the strong group of vendors to support this transformation program. Our demonstrated experience of 6 cards migration programs (in last 24 months), deep PowerCARD expertise, proven expertise in handling conventional and Islamic card products and strong credibility as card domain player proved to be the clincher.
Verinite will be responsible for system configuration, migration strategy definition & testing, end-to-end functional testing, interfaces testing, scheme certification with MasterCard and load testing for the credit card and prepaid cards portfolio. This is another big win as it strengthens our positioning as preferred partner for cards migration and implementation programs.
Team Verinite hopes to build on this win to serve more consumer finance companies and banks in Middle East as they embark on cards technology transformation initiatives.
Verinite signs a long term TSYS Prime BAU Support deal with the 2nd biggest state owned bank in Sri Lanka
Verinite is glad to announce signing of a long term deal to provide production and BAU support for TSYS Prime application. Client is a state owned commercial bank in Sri Lanka established in 1961. The Bank offers both Retail and corporate Banking services including Online Banking and mobile Banking.
Our client uses TSYS Prime v4 as technology platform for its cards business. Bank was looking for partner to outsource the BAU support to improve the quality, agility and flexibility for its credit cards business. Verinite was chosen as BAU partner after an elaborate RFP process. Our track record of successfully delivering TSYS Prime related projects for the client, cards domain knowledge and application expertise proved to be the key differentiators.
Verinite will be responsible for system configuration, defining templates for new products, develop/maintain interfaces, testing of issues/enhancements/compliances/CR’s, improving overall service delivery mechanism and guide bank’s team in parametrisation across suite of TSYS modules. Verinite expects to deliver its famed “Verinite Advantage” which will allow bank to focus on core activities, avail increased technical expertise, improve internal staff efficiency and realize cost savings.
Team Verinite hopes to build on this win to serve more banks in Sri Lanka and neighbouring South Asian countries as they embark on cards technology transformation initiatives.
Project is to support bank with Quality Assurance on PowerCARD platform and digital channels
Verinite is glad to announce signing of a new client in Qatar. Client is Qatari-owned financial institution that serves individual consumers, small businesses and corporate customers with a range of Corporate Banking, Retail & Private Banking, Treasury & Investments, International Banking and Brokerage Services.
Our client uses HPS PowerCARD platform for its debit, credit and prepaid card business. Bank is currently embarking on turnkey initiative to incorporate an important regulatory requirement that needed extensive functional testing of the entire cards technology ecosystem. Verinite was chosen as testing partner after an elaborate RFP process. Our cards domain knowledge, PowerCARD expertise, track record of delivering successful projects in Qatar and client references proved to be the main differentiators.
Verinite will be responsible for functional and non-functional testing of the core PowerCARD platform along with all channels to ensure successful implementation of the project. Team Verinite sees this challenging project as an excellent opportunity to develop this new relationship into an opportunity to build full-fledged Testing Centre of Excellence for the client supporting testing across its enterprise wide applications.
This is 3rd client for Verinite in Qatar thus further strengthening the Middle East growth story. Team Verinite hopes to build on this win to serve more banks in Qatar and neighbouring GCC countries as they embark on cards technology transformation initiatives.
Verinite wins deal to migrate the switching and DCMS system for Top 5 private sector Indian Bank!!
Verinite is glad to announce winning of debit cards and ATM migration deal for India’s private sector bank. Client is among the Top 5 private sector bank in India that serves corporate, retail and SME banking customers with a comprehensive product suite of Financial Markets, Investment Banking, Corporate Finance, Branch Banking, Business and Transaction Banking, and Wealth Management business lines across the country.
Bank is embarking on a technology transformation initiative to replace the current debit card management system (DCMS) and switching system. This migration comprises of close to 2 million debit cards and 1800+ ATM’s. The migration is from a complex multiple switch environment to a single switch. As part of this migration, bank will migrate its DCMS and ATM driving to the new switch. An array of scheme certifications will also be required with Visa, Mastercard and NPCI as part of this migration.
Verinite is selected by the Bank to support this migration project. As part of this engagement Verinite will be responsible for project initiation, test scope definition, project co-ordination and pre-validation for scheme certification activities. Verinite will also undertake functional and migration testing activities to ensure the new Switch and DCMS system adheres to Bank’s requirement and no data loss or error in data migration process.
This is 4th win for Verinite in the DCMS and Switching space thus further strengthening the India growth story. Team Verinite hopes to build on this win to serve more banks in India as they embark on technology transformation initiatives.