UTI Bank required a trading interface to enable their clients to trade in
Indian markets. When trading through normal brokerage firms, a customer can
transact once funds have been transferred from the customer's bank account to
broker's bank account. However, if the purchase transaction was not successful
for the day, the customer's funds remain with the broker and are transferred
back only at the customer's request. To take care of such issues, a B2B
interface named SETU (Seamless Electronic Transactions From UTI Bank) was
created, through which UTI Bank provides access to block, de-block, and transfer
of stock and funds. A B2B application was developed to connect to SETU server at
UTI Bank. This was integrated with GFSL's order management server for various
functionalities such as online blocking of shares at the time of stock selling
by a customer.
As a result, blocking, transfer and release of funds is done in real time on UTI
Bank's core banking system. Also, funds are blocked at the time of transaction
only. It also ensures there are no unnecessary fund transfers between broker and
client. Following are the major modules of this new product: Customer Care Site
, Trading Web Front End, Backoffice Application.
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