Home / Industry / Ujjivan to spend Rs300 crore on technology upgradation

Hyderabad: Ujjivan Financial Services Ltd, the microfinance company that is set to turn into a small finance bank, has decided to invest 300 crore to upgrade its technology, which will be spent over the next five years, it said on Wednesday.

uUjjivan has hired Wipro Ltd to implement different banking technology systems for its small finance banking operations. Wipro will set up a network operation centre and a security operation centre for Ujjivan and manage this technology for the next five years.

“To support the high volume business and to meet security and compliance requirements of different regulatory authorities, strong and secure systems are required at the core. We have selected all proven software in banking technology after carefully evaluating each system for the specific requirements," said Deepak Ayare, chief technology officer at Ujjivan.

The company will work with a host of solutions by tech companies including Finacle Core Banking from Infosys, CRM Solution from CRM Next and five others for core bank IT infrastructure and others for risk and governance, document management and workflow systems. It would use IBM Middleware and IBM Enterprise Service Bus to integrate all systems.

Ujjivan’s focus will be on mobility solutions and use of mobile technology through mobiles and hand-held devices.

Companies which have got small finance bank licences have to be ready for launch before September this year. Technology upgradation becomes necessary for companies as this will allow them to reduce cost of operations.

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