BankMill™ - iGILT allows the Customer, Bank, Depository account holder and the Broker to interact with each other over the Internet for dealing with Dematerialized shares.
PURPOSE
To complete an order to sell or buy the shares, several steps and entities are involved. Some of these entities are the customer, the Broker, the Bank, and the Depository. At each step a request comes in and the request is carried out when the entity is ready to process it. Even to start the process, the customer has to either call in or physically go to the broker.
BankMill™ - iGILT, changes this by making most of the different entities available simultaneously on the internet. Most of the processes can be completed concurrently over the Internet.
The main advantages are:
- Customer can get a confirmation that his order has been processed.
- The broker can be sure that the customer will be able to pay to buy shares or has the shares to sell as the broker will be able to see the customers account.
- The bank will be able to make commission on each transaction and also attract more customers because of this service
- The depository account holder will be able to attract more customers as this makes the whole process of transacting on dematerialized shares easier for the customer.
UNIQUE FEATURES & BENEFITS
- Three-tier architecture that ensures that no-hackers can access your system - Gives the bank, the depository account holder, the broker and its customer’s their peace of mind.
- Customers can do on market and off market trading and other transactions on their dematerialized shares
- Customer limits can be set.
- Brokers can view the transactions done by each of their customer over the Internet in form of reports. Brokers can set the limits for each customer.
- Depository account holder can maintain the account of each customer. This is done using a “Multi-currency” accounting method. It would also create electronic reports that can then be used to interface with the NSDL.
- Tree based navigation allows very easy use of the web site – Saves time and effort and makes a customer come back for more.
- The bank can get more business by attracting more customers by offering this service and a one-stop shop for the customers for all their Demat transactions.
FUNCTIONALITY
For Customer
The following functionality is available to the customer:
- Opening an account
- Researching a stock
- Get quote
- Place Order for:
- Dematerializing & Rematerializing shares
- Lending / Borrowing shares
- On market selling and buying
- Off market selling and buying and pledging shares
- Order verification and acknowledgment
- Portfolio summary and details
- Obligations summary and details
- View limits
For Broker
The following functionality is available to the broker:
- View all customer accounts related to him
- View outstanding order summary and details
- View completed order summary and details
- Update status of customer’s order
- Set customer limits based on based on a fixed amount or a percentage of the stock value or a percentage of their bank account value or a combination of these. The stock value limits can be further determined based on the value of the shares across all the stocks or on individual stock basis.
- Allows the broker to get the funds transfer on a stock purchase immediately or a pre-determined, deferred time basis
- Allows the broker to pay the customer funds on a stock sale immediately or a pre-determined, deferred time basis
For Depository Account Holder
The following functionality is available to the depository account holder:
- Maintain the customer account using the multi-currency principle
- Get electronic reports that can be used to interface with the NSDL
TECHNOLOGY
The application is written in Java. Data interchange happens via encrypted data structures.
The software uses ISO 8583 messaging system for transaction processing.
The software can work with any standard RDBMS such as MS SQL, and Oracle.
