UK-based Midas-Kapiti International (MKI), in partnership with IBM India and IndusInd Information Technology Limited (IITL), has launched an application service provider (ASP) initiative to address the needs of co-operative banks and other small banks in India.
Under the partnership, banks will have the option of running MKI’s AS/400-based Equation universal banking solution on a shared basis. The ASP service will also include applications and services based on the IBM/Lotus’ Domino software suite, enabling banks to utilise messaging and workflow facilities as part of daily operations.
Graham Ennis, MKI’s regional director says this is the first ASP service based around the company’s Equation banking platform. He adds the Equation system "has already been implemented at over 900 sites around the world and can provide real-time, online support for retail banking operations, fully integrated with corporate and treasury functionality".
P V Jaishankar, president & CEO, IITL, says the ASP model makes globally-proven solution such as MKI’s Equation affordable for smaller banks. He adds that additional ASP services will shortly be rolled out with other partners covering applications such as shared ATM access, Internet banking, payment gateways and others.