VSoft’s Wings core banking system lands in the US
Financial solutions provider, VSoft, has launched a version of its core banking system, Wings, for the US.
The company, which is based in Georgia in the US and Hyderabad in India, is best known for its payment processing systems. However, it has added to its product suite over the years, with a first US core offering, the Java-based Coresoft, in 2011.
VSoft claims Wings was “built from the ground up” and already has users. One of these is known to be in India, with an implementation in 2017 across 17 District Co-op Central Banks, 360 branches and 2600 Primary Agriculture Credit Societies in the state of Odisha.
In India, VSoft has a core banking system dubbed IRIS, previously branded as SuVikas, which it launched in 2007 for domestic co-operative banks. One user is Odisha State Co-operative Bank for 380+ branches. VSoft’s Indian outsource services arm, VServe, has 150+ users, particularly for cheque processing.
Wings is intended to be browser-based and device-agnostic. Postings can be real-time, batch or a combination of the two. New products can be configured and launched via parameters, with the ability as well to add new screens, sections and fields in real-time. It is available on an in-house, outsourced application services provider (ASP) or Software-as-a-Service (SaaS) basis.
In the US, VSoft is largely focused on credit unions and lower-tier banks. The Coresoft system gained a handful of takers in its first few years, with the development partner being Carter Bank, a community bank with 140 branches in Virginia and North Carolina. In mid-2018, VSoft added Arya, a digital services platform for US retail and commercial account holders, claiming 20 takers in the first year.
The company’s co-founder, CEO and chairman, Murthy Veeraghanta, describes Wings as “a functional, flexible core system that allows organisations to work more efficiently and compete at higher levels”. VSoft was set up in 1996 and has 1200 staff.
By Martin Whybrow, editorial contributor to FinTech Futures