SOMAYAJI Technolabs: Spearheading in Fintech Realm with Innovative Solutions

CIO Vendor The global financial services application market witnesses tremendous growth owing to crucial factors such as technology development,global market liberalization, market innovation and globalization. Anticipating access to systems along with convenience, security, speed and flexibility,today's enterprise clients look out for IT vendors who are capable to offer fintech services with supreme quality,better reinforcement and proper guidance.

Rigorously apprehending the present dynamic business environment, Bangalore headquartered SOMAYAJI Technolabs India Private Limited set foot in the Fintech realm to aid Small and Medium sized banks by offering end to end Solutions, Services and Support with utmost quality and hands-on approach throughout project life cycle. The company has strong technical prowess to offer implementation, first level support and project management by forging strategic alliances with companies that are very strong in Financial Domain and Technology like Finacus Solutions Pvt Ltd, promoted by Industry veteran Mr. Ramesh Govindan,for complete Financial Software and services Suite (FinSUITE)& NCR Corporation which is a $6b US MNC for Self Service Automation (ATMs, Recyclers,Payment Kiosks etc).

“We are the perfect bridge between OSDs/OEMs and clients,and this model creates a win-win situation for all the stakeholders. With more than 40 Clients and 70+ projects, we have been gaining heaps of appreciation from clients and receiving several prestigious awards”affirms Krishna Somayaji, Managing Director of SOMAYAJI TechnoLabs.

With FINCORE CBS,SOMAYAJI Technolabs aims to provide a 360-degree customer view as well as advanced analytics for aiding banks to cross sell and up sell their products and services. According to Krishna Somayaji,“FINCORE CBS is a state of the art solution which provides multi-currency,multi tenancy,scalable and robust capabilities. The solution seamlessly integrates with various
third party applications in the compliance, risk management and payment enablement areas”.

"Today, mobility has influence on every step of the shopping experience and touch every part of the value chain. E-Wallets, EMV ready POS,Tablet POS and m-POS are trending payment options in the market place which the customer expects as a part of financial services bundle. With large number of businesses going online, E-commerce & M-commerce are showing triple digit growth year on year and has impeccable impact on payments. FinConnect provides easy to use,manage and control routing solution which can be customized as per the desired capacity and throughput.It facilitates Electronic Fund Transfer(EFT)in a cost-effective, flexible and efficient manner. High configurability and flexibility helps to develop and implement new and innovative products to keep pace in the competitive space of payment industry. FinCONNECT provides an interface to NFS of NPCI which enables domestic banks to be on a network of 200K + ATMs in the country" says Krishna Somayaji.

We are the perfect bridge between OSDs/ OEMs and clients, and this model creates a win-win situation for all the stakeholders

Besides, SOMAYAJI Technolabs delivers FinAMLOR,an anti-money laundering solution, which can integrate with any core banking system.“This solution has interfaces to the FIU(Financial Intelligence Unit)and World Bank databases which allows a bank to monitor and track all transactions online,and discover transactions involving any politically active or black listed people. Simultaneously,the information can be reported to the requisite authorities for further action,” adds Krishna Somayaji.

SOMAYAJI TechnoLabs envisages becoming one of the foremost Project Management and System Integration companies in Financial Technology landscape in couple of years.“We plan to accomplish more solutions, services and offerings,acquire or fund small technology companies,venture into new verticals like Education and Insurance etc,”winds up Krishna Somayaji.