Bank of India : Real Time Gross Settlement

Bank of India has integrated its Core Banking solution with its payments and settlement applications resulting in centralized operations

Tuesday, May 06, 2008

Zylog Systems was called in by Bank of India when it realized a need to interconnect its host applications such as Core Banking system, and treasury mgmt system with Payment and Settlement depts, that is capable of sending and receiving payment messages across the bank's host systems and settlement system. In addition to interconnecting various systems, there was also a need for a liquidity mgmt module to monitor liquidity in various settlement accounts of the bank on a real time basis. Incidentally, the bank prior to the deployment was running on a Finacle powered system along with a third-party e-treasury management software.

Zylog's deployment is a comprehensive payment solution PayManager, which includes an Intra-day Liquidity Manager (IDL) with centralized Payment Hub (PH) that enables the bank to have a centralized release of payment instructions and to intervene when necessary before a stipulated cut-off time to transmit the instructions on a timely basis. It provides real-time position for all incoming and outgoing payment instructions. The centralized payment hub interconnects all the branch hosts with a number of payment and settlement systems.

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