Indian Overseas Bank signs for Nelito’s data archival and retrieval tech
Mumbai-based Nelito Systems has bagged a multi-country deal with Indian Overseas Bank (IOB) for its Findart data archival and retrieval solution.
IOB moved to a new core banking system across its operations in Hong Kong, Singapore, Sri Lanka and Thailand. This is understood to be Infosys’ Finacle.
According to the vendor, the bank “frequently receives requests from its corporate and retail customers to provide them with historical data, be it transactions, master entries, reference details for various purposes”. The look-up and retrieval process “at times becomes difficult as it is a tedious consuming physical activity”, as a lot of old data is sitting in legacy applications.
Findart will help IOB to archive all types of legacy database and schemas, make the process much more customer centric and economical, and maintain regulatory compliance across countries, Nelito says.
Nelito’s other customers in the data extraction, archival and management solutions space include HDFC Bank, United Bank of India, UCO Bank in Hong Kong and Singapore, and Syndicate Bank in London.
In March 2017, Japan’s DTS Corporation acquired a 44.5% stake in Nelito. The vendor now plans to expand its footprint across South Asia and also in the US.