by June 1, 2010 0 comments



Even though the mobile phone has far-flung reach, banks have not been able to
leverage it sufficiently to provide banking services for the masses. So there
are either Java based banking clients for smartphones, WAP based banking
websites, or SMS based transaction services. For the mass Indian population
sitting at the bottom of the pyramid, which is either semi-literate or
illiterate, these are either too complex to use or too difficult to understand,
or they’re not supported on their low-cost handsets. Moreover, since the value
of transactions amongst the masses are extremely small, banks don’t find them
financially viable. That’s where SimpliBank promises to make its mark.

SimpliBank is an abridged core banking system, which provides the entire banking
solution in the cloud, and works on a universal interface that will even work on
ultra-low cost, pre-paid mobiles such as the Nokia 1200. It doesn’t require GPRS,
WAP, EDGE, or any other technology to work. Rather, it can initiate transactions
simply by dialing numbers. Moreover, the user interface supports two-factor
authentication for transactions.

The impact according to Eko is immense-the company has 50,000 customers ever
since it started the service. Its customers are able to withdraw, deposit, and
do money remittances safely, instantly, and conveniently. The technology has
been used to minimize the transaction cost, making it profitable for financial
services companies and banks. The project took around a year to develop.

Project
Specs
  • Project Head: Matteo Chiampo, COO
  • Deployment Location: Delhi/NCR, Bihar
  • Team Size: 2Tech Used: Wipro’s IaaS Cloud with RedHat
    OS, MySQL DB, and Jboss/Tomcat App framework
  • Expected life: 2 years
Implementation
Partner

Wipro, Anduril Technologies

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