Equitas Replaces Core Banking System with Temenos
Equitas, a microfinance specialist in India, has selected Temenos T24 to help drive its expansion across the country. Equitas offers financial support to those who are unable to access financial services from the mainstream banks in India.
To support its rapid growth and expansion, Equitas required a stable and scalable microfinance platform to provide long-term operational support. After conducting a rigorous selection process in which a number of leading suppliers were considered, Equitas selected T24 for microfinance and community banking to support and automate its operations from a single platform.
“Our vision is to be the number one microfinance provider in India and investment in modern technology is vital to achieve this goal. T24 for MCB will help us to rapidly define new products and dramatically reduce our time to market. T24 will play an important role in automating the production of our management reports and delivering these in a matter of hours. As a result, we will be excellently positioned to support critical business decisions around performance, product strategy, resource allocation and customer requirements. We will also be able to deliver compliance data rapidly in line with local regulations,” said H Mahalingam, chief technology officer (CTO), Equitas.