innovationinbanking

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...

Fed-e-Gate Federal Bank has quietly entered the world of ecommerce by launching a Payment Gateway i.e Fed-e-Gate. More details can be obtained @ http://www.federalbank.co.in/SME-Business_ProductandServices_PaymentGateway.aspx 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 exclus...

Axis Bank – India 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 @ http://www.axisbank.com/personal/forex/indiatravelcard/india-travel-card.asp 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 saf...

  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 D ebit 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. The highlights are @ http://www.standardchartered.co.in/sme/debit-card/en/debit-landing.html A newspaper article on the new product is @ http://www.rupeetalk.com/news/general/standard-chartered-unveils-sme-banking-world-debit-card.php Top three features, which I like about this card, are 01)   All the key personnel can be of the SME transactional account ...