Friday, April 22, 2011

Syndicate Bank joins IMPS with soft launch


Syndicate Bank joins IMPS with soft launch

One more south Indian based bank, Syndicate Bank, has joined the IMPS club.
Syndicate Bank via a soft launch on March24, 2011, entered into IMPS.
A soft launch is necessary to ensure that all the players in the spoke are in sync with each other, and the customers do not face any glitches in the real launch.

Though the present Headoffice is located in Manipal, Karnataka, it’s roots can be traced to the temple town of Udipi.

Syndicate Bank was founded in 1925, as Canara Industrial and Banking Syndicate Ltd.
 The primary objective of the business was to extend the financial assistance to local weavers

As time progressed, Syndicate Bank, started taking other banks(around 20) into its fold including the Maharastra Apex Bank Limited and Southern India Apex Bank Limited.
Syndicate Bank in it’s 85+years old history, has many a first’s to its credit

1.    1.  Introduction of daily Deposit Scheme called PIGMY SCHEME as early as 1928.  This enabled the bank not only to shore up it’s CASA base but also aided in Brand Recall.

2. First Bank to open All Womens' Branch at Bangalore in 1962 which created a sensation in financial world, and proved to be a great success. This was a daring step, much ahead of its time.

3. Started Social Banking and Priority Sector Lending much before it became a Government of India Policy.

4. Sponsored the First Regional Rural Bank appropriately called "Prathama Bank" in 1975. Over the years, Syndicate Bank sponsored 10 RRB’s and all are profit making.

5. First Bank from South India to open a Branch in London (1976). This was just before the 1977 emergency.

6. Took up management of Al Shaibei Exchange Co. WLL in Doha and Musandam Exchange in Oman in 1983 and 1984 respectively.

With IMPS in its kitty, Syndicate Bank’s customers can look forward to another technical marvel.


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Sunday, April 17, 2011

Fed-e-Gate


Fed-e-Gate
Federal Bank has quietly entered the world of ecommerce by launching a Payment Gateway i.e Fed-e-Gate.

Quote
Fed-e-Gate is a one-stop solution that enables you to accept Credit and Debit Card Payments from your e-Commerce Web site securely.
Unquote

In simple terms, Payment Gateway is an ecommerce application which aids the ecommerce merchant to receive funds from its customers. The payments can be received from Credit Cards, Debit Cards or Netbanking.

Payment gateways provide the tools to process payments between customers, businesses, and banks. 

Payment Gateways can be set up by Banks or third-party players. One of the most famous Payment Gateway is CC Avenue. Other Payment Gateways players in India are
§  EBS
§  DirecPay
§  HDFC
§  ICICI Payseal

As can be seen from the above list, the Payment Gateway community is an exclusive one, with few players. However the scope is vast. 

The differentiator amongst Payment Gateway players apart from the pricing is the initial hand holding stage. In this aspect, Federal Bank has an edge, as being a new division, it will interested to build this as a profit-centre.

Another advantage I foresee is that the Bank is focusing Fed-e-Gate as an SME Product offering, which will appeal to its customers.

As Federal Bank is also a sponsor of Kochi Tuskers, Kochi Tuskers can be its first customer. This will be a win-win situation for both.

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Sunday, April 3, 2011

Axis Bank – India Travel Card


Axis BankIndia Travel Card
It was such a simple idea, staring at all Banking professionals, but no one thought off. Kudos to Axis Bank, for coming up with this thoughtful product for visitors from abroad.

Well, I am referring to the Axis Bank – India Travel Card

India Travel Card is India’s first and only Indian Currency prepaid travel card for 
foreign nationals and non-resident Indians travelling to India.

 The brief overview can be viewed @

Well, in majority of the newspapers whether print or online, the contents are the same. So as a sample, only a single link is provided here @ http://www.thehindubusinessline.com/companies/article1149381.ece

The card is available at a large network of Licensed Money Changers and 192 designated branches of Axis Bank.

Initially the Product will be available at designated Axis Bank Branches and later at licensed money changers too.

One unique safe mechanism of the India Travel Card is that the Card Holder can set up daily withdrawal limits at POS terminals via Axis Bank Internet Banking site. This thoughtful feature will minimize impulsive purchases.

It is two months since the launch of India Travel Card, and the sales must be Zooming up.



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SCB – World Debit Card



 
SCB (Standard Chartered Bank) – World Debit Card
As the financial year 2010-2011, was coming to a close, SCB (Standard Chartered Bank), unveiled the World Debit Card for Small and Medium Enterprise (SME) customers.

SME Banking World Debit Card is a first-of-its-kind cash management tool that provides convenience, savings and relationship rewards for small-and- medium-enterprise (SME) customers.

It is an ideal tool to separate business and personal expenses.
The present practice is to spend money from one’s pocket, and claim the reimbursement later, from the firm. 

This can now be minimized.


Top three features, which I like about this card, are
01)  All the key personnel can be of the SME transactional account can avail individual cards, with individual spend limits.
02)  The cards can be issued to individuals, who need not be authorized signatories of the firm’s bank’s accounts.
03)  The reward points are converted to rupees as cash credit to the firm’s account.  

This card will be available to all those SME customers, who have their transactional account with the bank.

I am sure; SCB has taken the necessary steps for appropriate transaction alerts, usage tracking by the SME’s finance department, and to eliminate fraudulent transactions.

Was thinking as to how the SMS alerts, emails alerts will be handled in this multiple cards linked to one account?

Trust SCB, in the near future, will introduce many more new Products from it’s Global platform in India, viz: Express Trade, SCB SME Venture, SCB SME Business Expansion etc