BOP contracts KalSoft for its Hi-tech Banking Solution

A high tech core banking software solution is being developed by a Pakistani software solution company which will be a breakthrough for the domestic banking operations. A contract in this regard was recently signed between the Bank of Punjab and KalSoft (Pvt) Ltd in Lahore. This Banking solution will be the first indigenous solution to be developed on the latest Microsoft technology and is poised to go a long way in enhancing the credibility of the Pakistani IT industry on the international forum.

Bank of Punjab (BOP) has embarked on achieving excellence in its I.T. infrastructure, to upgrade its banking processes for achieving strategic business objectives. KalSoft, a Premier Microsoft Gold Certified Partner and leading Enterprise I.T. Solution Provider of Pakistan, has introduced advancement to the conventional style of banking to boost the economy and enhance the reputation of Pakistani IT industry by signing this contract.

Faisal Azmat Khan, Chief Manager IT Division of BOP, on this auspicious occasion said: “Bank of Punjab is faced by an extremely difficult, demanding and complex problem made up of various factors like legacy systems, budgetary constraints and a widely dispersed branch infrastructure. To cover the wide technological divide between existing systems and envisioned ones that may carry the Bank through the next decade, we have picked KalSoft as a reliable partner to bridge this gap. It is our hope to achieve success via IT Smart Solutions verses throwing money at the problem. We believe that with the help of KalSoft and Microsoft success is assured.”

This contract is of remarkable importance to KalSoft, as rightly addressed by Mr. Yasar Noor - SVP Subsidiaries and Sales at Kalsoft: “The BOP contract is of strategic importance to KalSoft as it not only adds value to Pakistani IT market but also depicts our strengths and capabilities to develop such a comprehensive and large scale project. It also exemplifies our credibility in developing such a project for the first time in the banking sector which will help in saving foreign exchange and boosting Pakistan’s economy and IT market potential instead of acquiring any foreign banking system.”

KalSoft earned this contract from amongst 20 major IT players of Pakistan, having satisfied the careful and comprehensive assessment criteria observed by BOP’s I.T. steering committee. The critical assessment was based on factors such as budget differential, Microsoft partnership, project team’s qualification and experience and the company’s experience in handling large scale international and domestic projects. Our quality certifications, presence in Lahore and size of the organization also played a role in our success. This is a huge honor for KalSoft as it fulfilled all BOP’s requirements showing company’s credibility and reputation in the field of IT.

The core banking solution comprises of Current/PLS/Call Deposits, Term Deposit, Nostro and Vastro Accounting, Bills Remittance, DD/PO/CDR Payment, Clearing/OBC/IBC/LBC System, Profit Accruals and Payments, Agri Credit Finance, SME Finance, Corporate Finance, Consumer Finance, Trade Finance Markup Interest Accrual and Payment, Non Fund Based (LC, LG, etc.), Reconciliation and Fixed Assets, Management.

Comprehensive Management Information Reports, Online Interfaces, ATM/Debit Card Interfaces, Consolidation of Data from Distributed Branches, State Bank Returns and Reports for each module are the other salient features of this solution.

The Core Banking System will be a high-tech solution, operating in a real-time online distributed and centralized environment. The solution will be running on Microsoft 2003 Server and will be developed using state-of-the-art Microsoft technologies like .NET platform, SQL Server 2005, C# and Reporting Services, ensuring that it is fully compatible and scalable for future enhancements. BOP will provide a functional prototype and business logic to KalSoft for further development, enhancement and compliance with industry standards.

About KalSoft:

Established in 1999, KalSoft (Pvt.) Ltd. is part of the Kalia Group of companies, which is one of the leading groups of Pakistan with vast experience and complete dominance in the financial and the foreign exchange market of the country. KalSoft, a premier Microsoft Gold Certified Partner is a leading IT solution provider with a strong emphasis on understanding the exact requirements of its customers and providing them with the "best fit" IT solution that not only caters to their current environment but are also designed to handle future enhancements. KalSoft enjoys a distinctive position in the domestic as well as international IT markets geared up with high quality of work and a large and ever growing list of satisfied and very prestigious clients. Being ISO 9001:2000 certified and CMMI – SW, Maturity Level 3 appraised our quality standards and internal procedures and processes are extremely mature and reliable.

About BOP:

BOP was established in 1989 in pursuance of The Bank of Punjab Act 1989 and was given the status of scheduled bank in 1994. BOP is working as a scheduled commercial bank with its network of 266 branches at all major business centers in the country. The Bank provides all types of banking services such as Deposit in Local Currency, Client Deposit in Foreign Currency, Remittances, and Advances to Business, Trade, Industry and Agriculture. The Bank of Punjab plays a vital role in the national economy through mobilization of hitherto untapped local resources, promoting savings and providing funds for investments.