Nelito Systems Bags Multi-Country Contract From I O B for Archiving & Retrieval of data
Mumbai, November 7 2017: Nelito Systems Limited, India’s prominent financial software and services Company catering to Banking and Non-banking Financial Institutions, has bagged a multi-country contract from Indian Overseas Bank (IOB) to automate the process of archiving and retrieving decades old financial transactions for their clients and customers. IOB has major presence in Singapore, Sri Lanka, Thailand and Hong Kong and has migrated their core banking solutions across these countries. The bank frequently receives requests from their corporate and retail customers to provide them with historical data be it transactions, master entries, reference details for various purposes which at times becomes difficult as it is a tedious consuming physical activity.
IOB was using different core banking solutions whereit wanted to maintain and manage the data residing in the legacy applications.With Nelito’s FinDart™ solution, the Bank would be able to archive all types oflegacy database and schemas. It would also make the process much more customercentric and economical along with maintaining all regulatory compliance acrosscountries. Commenting on this engagement, Mr. Ashish Varun, Head-InternationalSales, Nelito Systems Limited said, “We are glad to win the confidence of IndianOverseas Bank, which has presence in some of the key markets across Asia. Withincreased importance of conserving archived data, the bank wanted someone whounderstands their business requirements and has experience in handling suchprojects internationally. Nelito's expertise and experience in building andexecuting global mandates has been a major reason for this business win.”
Nelito’s expertise in data extraction, archival andmanagement solutions has already helped major banking groups like HDFC Bank,UCO Bank (Hong Kong & Singapore), United Bank of India, Syndicate Bank(London) and many more for similar projects. Once the process is completed, theBank’s customers would be able to access the archived data online. Although dueto non-disclosure agreement between the companies, the financial details on thesize of the deal could not be known. In March 2017, Japan’s DTS Corporation hadacquired 44.5% stake in Nelito Systems. The Company had chalked out ambitiousplans to expand its global footprint, especially in the US and South Asianmarkets post selling the stake to DTS Corporation.