VSoft, a Duluth, Georgia-based financial software solutions provider, as per recent reports, has announced a version of its core banking system, called “Wings”, for the US.
The Georgia-based VSoft, which also has an office in Hyderabad in India, is renowned for its user-friendly payment processing systems. However, the company has added many more products in its suites offering over the past few years, which also includes the first US core offering, the Java-based “Coresoft”, which VSoft introduced early in 2011.
The company claims Wings, is built “built from the ground up” and already has users, with one of them being the state of Odisha in India, wherein 2017 the platform was implemented across 17 District Co-op Central Banks, 360 branches, and 2600 Primary Agriculture Credit Societies.
In India particularly, VSoft already has a core banking system dubbed “IRIS”, which was earlier during the 2007 launch, branded as “SuVikas”, and was launched for domestic co-operative banks. One user is Odisha State Co-operative Bank for its more than 380 branches spread throughout the state. Furthermore, VSoft’s Indian outsource services arm, VServe, has more than 150 users, for cheque processing.
In the US, VSoft targeted groups are the credit unions and lower-tier banks. The company’s Coresoft system gained much hype with a handful takers in its first few years, among them is the Carter Bank, a community bank with 140 branches in the states of Virginia and North Carolina. Last year, in mid-2018, VSoft announced “Arya”, a digital services platform for US retail and commercial account holders, which had 20 takers in the first year.