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Federal Bank to launch `FedNet'

Our Bureau

KOCHI, April 21

FEDERAL Bank will launch Internet banking, FedNet, in Mumbai on April 28.

The bank has chosen the software of Infosys Technologies Ltd _ Bankaway _ for launching its Internet banking product. Both Mr. Narayanamoorthy, Chairman and CEO of Infosys, and Mr. K.P. Padmakumar, Chairman of Federal Bank, are expected to be present at the launch ceremony.

FedNet will offer a wide range of products for Federal Bank customers, including FedView, FedTransfer, FedPay, FedRequest, FedMail, FedCom. FedView will furnish a one-month transaction statement for the customer. FedTransfer offers transfer facility for account holders from one account to another and from one branch of the bank to another. Inter-bank transfers will be introduced only after cyber laws are suitably amended, the Chairman, Mr. Padmakumar, said.

Customers can also give stop-payment instructions, DD requests and bill payment instructions through the Net. The bank is in the process of tying up with e-commerce sites such as rediff.com and Titan for facilitating payment through the bank site. This w ill eliminate credit card payment problems, while at the same time enhancing the bank's customer base. The bank is also negotiating for further cost reductions with these sites for its customers.

Mr. Padmakumar said the Infosys software is one of the best banking software given its inherent security systems and in-built firewalls to prevent hacking. Real-time monitoring and screening will be undertaken at the bank's headquarters in Aluva. The int roduction of Internet banking will give true value-addition to the bank's NRI customers who can count on quick and real-time transactions.

It will also result in bringing down the cost of transactions for the bank and its customers. It will accelerate clearing operations and a large number of staff deployed for clearing could soon be constructively deployed elsewhere after full-fledged Inte rnet banking becomes a reality, Mr. Padmakumar said.

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