Mumbai, June 7: Centurion Bank has entered into a strategic technology alliance with Logica Plc (UK) to launch a series of new electronic banking products in the next three months including a global system for mobile communication (GSM), wireless access protocol (WAP), internet banking and a payment gateway.The two sides on Wednesday signed a memorandum of understanding (MoU) for providing technology services to Centurion's customers. The MoU will be valid for three years.
Said Centurion Bank's chairman, Dev Ahuja: "The bank has tied up with Logica for providing the technology platform for GSM, WAP and internet banking. Logica has already implemented its `Quaestor' technology platform for the branches, the `Postilion ATM Switch' and the `QCards' management system".The new generation private bank has also tied up with Logica for the supply of digital certification from Baltimore (Ireland).
Said Logica's (India) managing director, Hamish Harding: "Baltimore is the largest supplier of PKI certification outside the US with Logica being the worldwide distributor of the product. Logica will also provide a 128 bit SSL (security socket layer) code to the bank for its security in internet banking. This tie-up will help our customers in India to circumvent the current US ban on the sale of 128 bit SSL to countries like India".
The Twentieth Century Finance group, who are Centurion's promoters, will enter the e-brokingshortly.
According to the Centurion Bank's managing director VS Srinivasan: "Twentieth Century Securities would enter e-broking services soon. The bank is also in talks with a few other portals for deveoping a payment gateway for the e-broking platform".
The bank, which has 35 branches, 25 marketing offices and 41 ATMs is going in for a massive retail push.
"The bank will increase its branch network to 65 by March, 2001 which will include conversion of 10 TCFC offices into the bank's branches. The ATM network will also be increased to 125 during the same period," Srinivasan said. The bank has earmarked Rs 32 crore for the current year for its technological upgradation and IT-enabled services. Srinivasan said the bank will spend four crore rupees on hardware and software for its WAP banking initative. "We expect a minimum 50 per cent year-on-year growth on account of our new initatives", the Centurion Bank chairman said.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.