For BFSI (Banking, Financial Services and Insurance) segment, IT is a very key component that forms an integral part of their business strategy. Most often, even launching new products and services is dependent on IT readiness. Within BFSI, our focus is largely on banks and other financial institutions, with whom we work directly, and through large System Integrators in India, and the Middle East.
The strength in services to BFS customers has to emanate from the agility with which we can ramp up skills. In the complex world of technology adaptation, well-skilled recruiters and use of hiring accelerators play a key part. We have that agility. Our solutions include Core banking support, testing and data services for Finacle and Flexcube, Trade Finance Testing, Mobility solutions, Custom Banking Solutions and much more. Within the purview of BFSI, our reach in offering solutions is spread across the spectrum, covering – Banks, NBFCs, and Micro finance institutions.
Given below are the segments with whom we work and our areas of expertise.
Banks deploy multiple software solutions to automate their operations. A generic Core Banking Solution serves as a central engine that connects with other specific solutions (for example, FATCA). Because of a deep understanding of core operations in Retail and Corporate Banking across Flexcube, and Finacle: As a Banking software vendor,we can provide support services to several banks in South Asia, Middle East, APAC and Africa.
Banks that have a larger focus on Corporate Banking and Trade, will benefit by our Expert services in this area. We have worked with two of the largest private banks in the region in this space. With our experience as Flexcube and Finacle solution provider, we bring to the table focused expertise in Core Banking.
NBFC s (Non-Banking Finance Companies)
Loans are an important area for all NBFC s, since that is where their income comes from. There are specialized applications spanning Loan origination, Loan Management, Servicing and Collections.VSM Software, along with its associates, brings considerable expertise in loans for NBFC s.
MFI s (Micro Finance Institutions)
Across several third world regions, MFI s are playing a stellar role in lifting large sections of society above poverty lines. Architected on the lines of the well know Grameen Bank model, several MFI s in these regions are increasingly using technology to reduce “loan cycle costs per dollar lent”. Over the years, we have developed considerable expertise in the way MFI s operate.
FATCA & CRS solution
We are a technology partner to a US company, Pvin Corp. that specializes in FATCA & CRS compliance. VSM Software is the sole technology partner, and has developed a solution for FATCA & CRS that can be implemented on Cloud, as well as On-Premise. We additionally also provide consulting and technology services on FATCA & CRS.
Our relationship with SI s
System Integrators who offer a full array of services across all verticals, are increasing their reliance on domain specific partners, who can help by Co-delivering services to BFS customers. We work with some of the SI s, and are always keen on expanding our network of SI s to work with. We offer staff augmentation and also full project services.
We also do a lot of work through 2 strong associates in Malaysia and Singapore. They come with a strong background and expertise in the BFSI domain and we have partnered together in various functional testing assignments in these regions.