BankMill™ - iCorporate is a browser-based, user-friendly application that allows a bank’s corporate customer to conduct banking operations on the WWW by using a login name and a password. A bank installs this product on top of its existing databases and branch/core banking system. The bank can see all the transactions made directly to its existing databases.

The main advantage of using this corporate version of internet banking is that it allows you to have multiple login names and passwords for the same account but limits the functionality of each login based on roles and rights. This facility enables a corporate to segregate/limit the information shown and transactions that each specific login can make over the internet.

PURPOSE

Allow banks’ corporate customers to access and operate their accounts from the Internet.

UNIQUE FEATURES & BENEFITS

• Fully secure system, using third party, such as Verisign, SSL, MD5 and 3DES based security system - Gives the bank and its customer’s peace of mind.
• System and products can be configured to suit the particular strategic needs of the bank and does not force the bank to change their operation based on the limited software features. – No relearning by the bank employees or the users saves them both time and effort.
• Other ancillary solutions of BankMill™ help banks move towards insurance and investment services. This will allow cross selling from a single point for fulfilling the requirement of a bank of servicing the insurance and banking needs of a customer – Banks can make additional revenue by roping in customers with these needs by providing a customer a method to see and manage all these facilities on the same web portal.
• Can be connected to any existing core or branch banking system where data access is allowed.

FUNCTIONALITY

• Credit card operations
  
• Banking operations
  
• Non-banking portfolio (mutual funds and other investments)
  
• Loan management
  
• Purchase insurance & pay premiums

BANKING OPERATIONS

The following corporate services are available:

• Outward Foreign Bill
  
• Inward Foreign Bill
  
• Outward Domestic Bill
  
• Inward Domestic Bill
  
• Foreign Outward Sight For Collection
  
• Domestic Outward Sight For Collection
  
• Foreign Clean Bills Purchased
  
• Domestic Clean Bills Purchased
  
• Imports Letter of Credit
  
• Export Letter of Credit
  
• Guarantees
  
• Forward Contracts
  
• Rates
  
• Borrowings

The following general services are available:

• View account balance
• Transfer money between accounts
  
• View the various products offered by the bank
  
• Order a cheque book
  
• View the cheques that have been cleared
  
• View interest received in your accounts
  
• Credit card account viewing
  
• Receive quarterly statements online
  
• Portfolio Management

TECHNOLOGY

The structure is a 3 tier structure and consists of a browser based application written in JSP. Data interchange happens via encrypted data structures.

The software uses ISO 8583 messaging system for transaction processing.

The software has been written in Java and can work with any standard RDBMS such as MS SQL and Oracle.