The Hindu : Business : Zylog to implement RTGS PayWare product

Online edition of India's National Newspaper
Saturday, Dec 11, 2004

Business

Business

Zylog to implement RTGS PayWare product

By Our Corporate Reporter

CHENNAI, DEC. 10. Zylog Systems, an IT services and products company, has entered into a memorandum of understanding (MoU) with the Singapore-based BCS Information Systems to implement `RTGS PayWare' product in India.

Addressing presspersons here today, Sudarshan Venkatraman, Chairman of Zylog, said the product would facilitate real time gross settlement (RTGS) payment interface and intra-day liquidity management for commercial banks.

The company has specialised in banking products for depository participants and treasury operations, Mr. Sudarshan said. Its banking clients are State Bank of India, ING Vysya Bank, Corporation Bank and UTI Bank.

Zylog, with its corporate office in Chennai, had established itself as a fast growing IT services provider in the U.S. with the headquarters in New Jersey.

According to Kannan Krishnan, Regional Director, BCS Information Systems, RTGS PayWare was specially designed for providing intra-day liquidity management system to the banks. This would enable banks to automate payments (inflow/outflow) from its various sub-systems such as core banking, treasury and cash management, to the banks' existing RTGS Participant Interface (PI).

RTGS is set up, operated and maintained by the Reserve Bank of India.

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