Karur Vysya Bank Limited (KVB), India's commercial banks, has chosen IBM, as its preferred partner to modernise their clearing systems and implement cheque truncation system (CTS). KVB has gone live in the Image based clearing (a first step in implementing the Cheque Truncation Solution) from IBM in Delhi.
KVB is undertaking an initiative to institute an electronic image-capturing and processing system for faster check clearing. CTS- the new image-based check truncation system-- would help capture electronic images of paper checks, subsequently transmitting the record to the Reserve Bank of India clearing house. This would accelerate settlement processes, reduce costs and improve the quality of services.
“CTS is a key initiative from KVB to leverage the benefits of modern technology for enhanced customer experience – ensuring faster services to customers in a highly secure environment”, said S. Nagarajan, chief general manager, Karur Vysya Bank. “To ensure that the benefits of the CTS system are passed on to our customers and to ensure that the existing IT system can effectively manage the huge amount of data generated out of the CTS system, we have decided to modernise the information management strategy at KVB.”
KVB has implemented Veracious Software from IBM Business Partner Global Software Solutions (TVL) Pvt. Ltd. located in Chennai. Built on IBM DB2 Content Manager for Windows V8.3 software, the veracious solution would enable KVB to manage more than 3GB of check-image data that is captured each week at the bank's local branches located in Delhi. The raw data of the image files is stored in an IBM DB2 Express V8.2 data server. To protect the highly sensitive information captured into the system, KVB has implemented IBM Tivoli Storage Manager V5.2 solution.
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