UTI Bank-E-commerce Portal

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.