FE Report

Newgen Software Technologies Limited has brought electronic fund transfer system to Bangladesh as the deadline for issuing magnetic ink character recognition coded checkbooks by banks expires in November next.

The global market leader in business process management and document management system introduced the system at a road-show on 'Electronic Fund Transfer (EFT)' at a hotel in the city Sunday.

Newgen, a New Delhi-based software company, and local firm Tech Valley Computers Limited jointly organised the programme.

Punit Jain, senior vice president of Newgen, said every business benefits from automated payment processes through reduced expenses and improved operational efficiencies.

The accounts-payable payment process is often tedious and time-consuming, mostly paper-based resulting in costly process cycles for employees, managers and accounts payable personnel, he said.

"The EFT can clear up many problems faced by banks while processing the checks."

He said they had already introduced EFT in many banks in India, Saudi Arabia and United Arab Emirates. Some banks in Ghana and Kenya are also in the pipeline, he added.

"Once implemented, the system will add value to the operations of the banks."

Sajal Dubey, engagement manager of Newgen, during his presentation said EFT uses computer and electronic technology as a substitute for checks and other paper transactions.

"EFT is a system of transferring money from one bank account directly to another without any paper money changing hands."

The presenter said benefits of this system include maker-checker at every stage, real time integration with banking application, maintenance of standing instruction, better response to customer queries and audit trail on who-did-what-when concept.

Newgen is a leading provider of Business Process Management (BPM) and Document Management System (DMS) solutions including workflow automation, document management, imaging, report archival and distribution.

M Devender Singh, engagement manager of Newgen, told the FE they hoped to convince several Bangladeshi banks to adopt their services.

A total of 30 banks including 18 from India, six from United Arab Emirates, two from Saudi Arabia are operating using the EFT, he said.

Newgen, founded in 1992, is the market leader in BPM and DMS with a global footprint of about 750 installations in over 35 countries.

It is recognized by distinguished analyst firm IDC in its exclusive report "Newgen Software: Global Leader in Business Process Management and Document Management Solutions."

With HSBC and SAP investment, Newgen is one of the companies to have backing of both leading financial and technology companies of the world, Mr Singh said.

The company has over 1,100 employees and its software development centers are in New Delhi and Chennai. Its regional sales and support offices are located in India, the Middle East, Europe, Africa and the USA.

Banks in Bangladesh have to introduce magnetic ink character recognition coded checkbooks by early November this year when Bangladesh bank (BB) introduces Automated Clearing House to facilitate business activities through modernising the payment and settlement system.

Md. Mahfuz Ali Sohel, chairman of Tech Valley Computers Limited, also spoke.

Senior officials of Newgen and Tech Valley and representatives from the BB and other banks were present on the occasion.