Canara Bank Implements Core Banking Solution Across 1000 Branches

i-flex solutions and IBM have announced the successful implementation of a Core Banking Solution at Canara Bank with a smooth ‘go live’ of the 1000th branch on Oracle’s FLEXCUBE - one of the leading core banking solutions. The 1000th branch to go live with the core banking solution was the Karaikudi branch, located in Tamil Nadu.

As part of its modernisation effort, Canara Bank had chosen IBM India and i-flex solutions to implement Oracle’s FLEXCUBE across the major branches of the bank. With the launch of the core banking solution at Karaikudi, 75 percent of Canara Bank’s retail and corporate business will now be handled by Oracle’s FLEXCUBE.

The core banking roll out at Canara Bank is among the largest implementations based on a centralised architecture and involves all modules of Oracle’s FLEXCUBE, including agricultural loans, foreign exchange and service branch functionality.

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The centralised core banking system will enable efficient and personalised customer service, 24x7 banking through multiple delivery channels, faster time-to-market and superior relationship management at the bank. It will allow customers to transfer funds electronically, make on-line railway reservations and make payments of direct taxes, excise and customs duty. The solution offers a loan application processing system for faster loan processing and enables depository Services and on-line trading services for Canara Bank’s clients.

This solution will help Canara Bank meet the challenges of a dynamically changing environment. Operationally, the bank will be able to monitor the fees it charges centrally, alter the interest rates across its operations and generate reports centrally. The design of the implementation reduces software distribution complexities as all major operations are managed centrally through a central data centre.

Commenting on the partnership, Shanker Annaswamy, managing director, IBM India/ South Asia said, “IBM is committed to delivering value to Canara Bank and its customers to leverage technology for high-impact convenience banking services”.

“FLEXCUBE is functionally robust and cost effective and the go–live underscores its unsurpassed flexibility and scalability. We look forward to working in partnership with Canara Bank to help it achieve success in the future as it seeks to transform itself into a ‘Global Bank with Best Practices’,” said N R K Raman, managing director and CEO, i-flex solutions.