Centurion Bank to launch new e-products

MUMBAI, JUNE 7: New generation private sector bank Centurion Bank and Logica India, the product development unit of UK-based Logica Plc, t...

MUMBAI, JUNE 7: New generation private sector bank Centurion Bank and Logica India, the product development unit of UK-based Logica Plc, today announced a new strategic technology alliance which includes launching a series of new electronic banking products in the next three months.

Addressing a news conference here today, Centurion Bank chairman Dev Ahuja said the new products will be based on the Quaestor branch and electronic banking system. The initial product launch will focus on the new customer delivery channels of WAP (wireless access protocol) banking, GSM (global system for mobile communications) banking and Internet banking, he said, adding that a payment gateway will be launched by the bank to facilitate to secure E-commerce transactions from both B2B (business to business) and B2C (business to customers) Internet web sites.

Ahuja said GSM and WAP banking applications have already been validated by Centurion Bank on a pilot basis at Logica’s Bangalore development site. These facilities will be transferred to Centurion Bank shortly to enable it to upgrade its customer services.

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“The relationship with Logica is on a very sound footing with Logica already having successfully implemented the Questor technology platform for the branches, the postilion ATM switch and the Qcards card management system enabled the bank to offer its customers new card products in tie-up with Mastercard and Visa,” he said.

Ahuja said this alliance will position the bank as a major player in the E-commerce arena. He said the bank is also planning to introduce Internet and WAP based stock trading facilities plus a payments gateway to its broker clients.

Speaking at the meeting, Hamish Harding, managing director of Logica India said: "We are proud to be associated with Centurion Bank through this new strategic technology alliance and we intends to bring significant new banking technology to India through this alliance."

He said Logica has already invested around Rs 15 crore in India from July ’98. There are further plans to invest around Rs 50 crore over the next two years in its product development centres in India. Answering a query, he said with this strategic alliance the company is looking at 50 per cent growth at the minimum.

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