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(From left) Mr V. Srinivasan, Managing Director and CEO, ICICI Infotech; Mr A. Krishnamoorthy, Chairman and CEO, Lakshmi Vilas Bank; and Mr Shrikant Patil, Director-Solutions Group, Intel Technology India Pvt Ltd, at a press conference in Chennai on Wednesday. - - Bijoy Ghosh

Chennai , July 21

NEWTON, the core banking solution from ICICI Infotech, has gone live in three branches of Lakshmi Vilas Bank in Chennai. Newton allows customers to use any branch as an ATM (automated teller machine). Customers of the three branches can use any one of them to transact business, including withdrawal of cash.

The bank's Chairman and CEO, Mr A. Krishnamoorthy, said that Newton would be implemented in 25 branches across the country by March 2005.

The investment for this would be Rs 6-7 crore, he told newspersons here.

He said that Newton has integrated the bank's existing front-end software (Lakshmi Business Solution 2001), thereby protecting the earlier IT investment made by the bank.

The solution will streamline operational efficiencies and improve transaction turnaround time.

Newton's deployment will enable the bank to increase its product offerings and expand customer base (the bank has about 1.3 million customers).

Mr V. Srinivasan, Managing Director and CEO, ICICI Infotech, said that by using Newton, the bank has shifted to a centralised solution instead of having multiple solutions for various products, including credit cards and deposits. The solution also empowers multiple delivery channels such as call centres, the Internet , kiosks and online ATMs, he said.

Mr Shrikant Patil, Director, Solutions Group, Intel Technology India Pvt Ltd, said that the Intel Itanium 2 processors power Newton.

This is the first time that the processors are used anywhere in the world in an end-to-end core banking solution, he said.

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