19-11-2012, 11:26 AM
Axis bank
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Introduction
Axis Bank (Formerly known as UTI) was one of the few private banks to have began operations in 1994
The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI)
Life Insurance Corporation of India (LIC).
General Insurance Corporation Ltd (GIC).
National Insurance Company Ltd.
The New India Assurance Company.
The Oriental Insurance Corporation.
United Insurance Company Ltd.
Incorporated as UTI Bank, headquartered in Mumbai
Registered office at Ahmedabad
Mumbai, Jul 30 2007 : UTI Bank rechristened itself as Axis Bank.
The Bank has a network of more than 896 branches and Extension Counters
One of the largest ATM networks in the country with over 4055 ATMs
INFORMATION SYSTEM
Implemented a new derivatives system-- Summit FT with the help of global financial applications provider – Misys.
Provides ability to structure derivative products in real time and give a single view of the entire transaction to the customer
The bank hopes to leverage the ability to rationalize its currently dispersed functions to provide a single view of every transaction to customers.
Apart from creating a new derivatives product, it also helps from a regulatory compliance standpoint.
RBI favors transparent online systems that can track every transaction and report it exactly as it is.
An automated system removes this anomaly and improve compliance to a great extent.
SUNTEC’S TOOL FOR AXIS BANK
AXIS Bank Chose SunTec Business Solutions software to centralize and streamline the bank’s pricing and billing processes.
Implemented a solution that helps Axis Bank create personalized product packages and manage fee billing for payment and cash management, while having a unified view of its customers.
Axis Bank is SunTec’s second banking services client in India, after ICICI Bank.
VISA Money Transfer Service:
To send money from an AXIS Bank account to any of the VISA Cards issued in India
To pay VISA credit card bills by giving the card number and making a direct payment
The sender’s account would be debited instantaneously with the transferred amount, but the funds will reach the beneficiary’s VISA Card within one or two days.
The service has been enabled through all Axis bank’s ATMs and i-Connect (Internet Banking)