Nelito Systems Limited, the 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 where it 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 of legacy database and schemas. It would also make the process much more customer centric and economical along with maintaining all regulatory compliance across countries.
Commenting on this engagement, Ashish Varun, Head-International Sales, Nelito Systems Limited said, “We are glad to win the confidence of Indian Overseas Bank, which has presence in some of the key markets across Asia. With increased importance of conserving archived data, the bank wanted someone who understands their business requirements and has experience in handling such projects internationally. Nelito’s expertise and experience in building and executing global mandates has been a major reason for this business win.”
Nelito’s expertise in data extraction, archival and management 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, the Bank’s customers would be able to access the archived data online. Although due to non-disclosure agreement between the companies, the financial details on the size of the deal could not be known.
In March 2017, Japan’s DTS Corporation had acquired 44.5% stake in Nelito Systems. The Company had chalked out ambitious plans to expand its global footprint, especially in the US and South Asian markets post selling the stake to DTS Corporation.