North East Small Finance Bank upgrades Core Banking System to M2P’s Turing
By Gloria Methri
North East Small Finance Bank, a subsidiary of RGVN (North East) Microfinance Limited, has migrated its Core Banking System to M2P’s Turing CBS.
M2P’s Turing CBS is a modern core banking system that offers cutting-edge security, and lightning-fast processing, backed by the ease of data migration.
The comprehensive platform comes bundled with Enterprise Service Bus and an API manager to cater to embedded journeys, treasury platforms, and natively integrated payment processing systems to cater to the burgeoning payment ecosystem including cards, AEPS (Aadhaar Enabled Payment System), UPI (Unified Payments Interface), and IMPS (Immediate Payment Service) to name a few.
Banks also have the option to leverage distinct features around AI/ML capabilities for financial risk management, low-code platform, and agility to hyper-personalize offerings.
North East Small Finance bank selected M2P for its suite of digital accelerator platforms that includes broad components such as the Turing Digital Core Banking System; an integrated payments hub; and multiple back-office platforms.
The unique aspect of the upgrade is the speed of execution, the journey from receipt of data from the legacy system to plugging the gaps as per the bank’s requirements and completing User Acceptance Testing leading up to Go LIVE was completed in under 3 months.
Dr. Ram Krishna Garg, Chairman of North East Small Finance Bank said, “We wanted to migrate to a digital Core Banking System which will help us improve our operational efficiency and reduce costs associated with manual processes. This will help us enhance our customer experience with personalized, real-time features and data analytics. We are happy to have partnered with M2P for their Turing CBS offering which enabled a smooth transition without data loss and in a quick span of time.”
Rupali Kalita, Managing Director and CEO of North East Small Finance Bank said, “As part of our journey towards digital growth and acceleration, we migrated our traditional Core Banking System to a digital Core Banking System with M2P’s Turing CBS. This will help us introduce new products and services with ease apart from improved efficiencies.”
Satish Krishnaswamy, Head of Banking Business, M2P Fintech said, “We are thrilled to partner with North East Small Finance Bank and support their digital transformation journey. Our Turing digital core, integrated payment hub, and RegTech systems provide a comprehensive suite of solutions that can help banks optimize their operations, enhance customer experience, and comply with regulatory requirements. This accomplishment exemplifies M2P’s dedication towards innovation and enabling banks to provide their consumers with best-in-class digital experiences.”
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September 21, 2023
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