Alogent Announces Its Expansion into the India Market; Market Leverages Alogent's Existing Expertise in the UK and US.ATLANTA -- Alogent Corp., a leading provider of enterprise payment transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. solutions for global financial institutions and processors, today announced a partnership with Forbes Technosys Limited (FTL (Flash Translation Layer) See flash memory. ), a leading player in the banking and utility automation industries in India. The multi-faceted partnership includes the licensing and development of a nationalized software solution specifically for the Indian market. Forbes is deploying Alogent's Sierra software suite through a hosted ASP set to meet the needs of the smaller bank community, as well as an in-house solution for larger financial institutions for implementation within their own infrastructure. In related news, Forbes announced an agreement with Dena Bank Dena Bank (founded 26th May, 1938) is one of the earliest banks in India. History
"Alogent is pleased to combine its position as the leading provider of enterprise payment processing solutions together with Forbes stance as a superior bank automation solutions provider in India," said Brian Geisel, founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Alogent. "Alogent's vast experience with other distributed payments technology deployments in the United Kingdom along with Check 21 solution leadership in the U.S. makes us an ideal candidate to quickly gain additional market depth in this rapidly expanding financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. growth sector," he added. Forbes will combine its solid relationships with key banks in India List of Banks in India, other than co-operative banks: Public sector banks SBI group: State Bank of India, with its seven associate banks command the largest banking resources in India. along with Alogent's industry leading Sierra Xpedite and Xchange software offerings to meet the requirements of the new Check Truncation System (CTS (1) (Clear To Send) The RS-232 signal sent from the receiving station to the transmitting station that indicates it is ready to accept data. Contrast with RTS. (2) (Common Type System) The data typing used in . ) made by the Reserve Bank of India The Reserve Bank of India (RBI) is the central bank of India, and was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. Since its inception, it has been headquartered in Mumbai. (RBI RBI abbr. Baseball runs batted in Noun 1. rbi - a run that is the result of the batter's performance; "he had more than 100 rbi last season" run batted in ). By introducing proven technologies into a high growth region, the two organizations are well positioned to achieve sizable market share for straight through check processing from capture and truncation in the retail branch through settlement via the Indian Real Time Gross Settlement System (RTGS RTGS Real Time Gross Settlement RTGS Real Time Gross Settlement System ). Market growth opportunities include multiple payment and deposit point of presentment in large public sector banks, large private and foreign banks, as well as small private and foreign institutions. "As a pioneer in business automation products and a leading player in providing retail banking financial services technology in India, we are pleased to join forces with a deposit automation industry veteran to provide best-of-breed products and services to our financial services customers in the Asian community," said K.C. Mehra, chairman of Forbes Technosys Limited. "Our current and prospective clients will certainly benefit from Alogent's wealth of experience and depth of knowledge in the check truncation arena by implementing proven technologies installed at leading financial institutions in other parts of the world." Check clearing continues to be the most important retail settlement system in terms of volume, with its share being 81 percent in total transactions recorded during 2003-04 for India. According to Madhavi Mantha, a senior analyst in Celent's banking group, the desire to streamline and automate payment processing is an essential component of banks' repositioning strategy. "Fewer service related issues, reductions in fraud, lower processing costs and the availability of real-time clearing information are just a few of the potential benefits for banks who are early adopters of deposit automation." According to Michael Hackney, EVP EVP Executive Vice President EVP EGR (Exhaust Gas Recirculation) Valve Position Sensor EVP Electronic Voice Phenomenon EVP Europäische Volkspartei (Germany) EVP Employee Value Proposition of business development and international at Alogent, the Indian market is strategic. "This is an important component to our overall international growth strategy," he said. "Our growth in India - combined with our strong presence and current prospects in the UK - positions Alogent well to expand into additional new markets that utilize paper checks as a means of payment collection." About Alogent Founded in 1995, Alogent Corporation is a leading global provider of enterprise payment processing solutions that enable financial institutions and processors to accelerate the conversion of paper to electronic processing. The company's Sierra suite of solutions automates payments and deposits at every point of presentment (including branches, ATMs, merchants, corporations and cash vaults) while optimizing electronic data and image processing and settlement. Alogent is the deposit automation market leader with our platform processing billions of payments annually with over 44,000 desktop points of presentment sold. The company's customers include HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) , KeyCorp, Lloyds TSB and SunTrust, among others. Alogent brings proven delivery and leadership to help customers worldwide address mission-critical challenges. For more information, visit www.alogent.com or call 800.333.6030. About Forbes Technosys Limited (FTL) Forbes Technosys Limited (FTL), a subsidiary of Forbes Gokak Ltd., is a leading player in the banking and utility automation industries in India and aims to provide customers with cost effective business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in and IT solutions. FTL is part of the US$400 million Forbes Group, a diversified global corporation in consumer appliances, textiles, shipping and engineering. For more information, visit www.ftlindia.com. |
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