Laser Soft launches product for banks

Laser Soft Infosystems Ltd launched a product, e-circular, aimed at the banking industry. The product facilitates the instant delivery of circulars from the head office of a bank (in electronic form) to all relevant branches and offices which are connected either to the bank's intranet or to the internet.

The product enables banks to issue instructions based on the category of recipient and also to obtain confirmation that the same have been seen. Branches can look at the circular by date, number or search all the related circulars on a particular topic.

It thus solves the problem of filing and retrieval at each branch. SBI has signed up as the first taker of the product, followed by Corporation Bank. Corporation Bank is also implementing the distributed core banking solution from Laser Soft.

The implementation is in progress at SBI and will cover SBI and its associate banks next year, says B Suresh Kamath, CMD, Laser Soft.

With e-circular, banks can cut the expenditure on printing, stationary and mailing since the product facilitates the electronic movement of circulars.

He claims that banks can save up to Rs 1 crore annually for every 500 branches. Apart from sending circulars, the product can also be used for sending loan application forms, legal documents and the like.