Single infrastructure cuts costs

The banking and financial sector could cut costs significantly by utilising only one infrastructure of advanced ICT for speedier and more secure operations, says Khaleej Times Online.

Abdulla Hashim, VP for enterprise solutions at Etisalat, yesterday said the "ideal" strategy is to have one outsourcing contractor to manage a firm`s ICT platform rather than a number of partners.

This would make the operations easier and faster to manage, he said in a banking and finance forum organised by Etisalat, officially known as the Emirates Telecommunications Corporation.

Banks will find it cheaper to allow their customers to withdraw cash from automated teller machines (ATMs) of other banks, with the Reserve Bank of India`s (RBI) technology arm waiving its Rs 2 transaction charge for ATM interchange, says The Economic Times.

The Institute for Development and research in Banking Technology (IDRBT), an RBI subsidiary said it has decided to waive the Rs 2 -per-transaction fee it has been charging banks for switching its transactions. However, the transaction charges that banks pay each other for the use of ATMs will continue.

The fee waiver, according to IDRBT, is an attempt to encourage all banks to join the NFS network to widen the national network of ATMs. The institute, which was set up by RBI in 1996, also feels that the waiver will open up an opportunity for banks to reduce costs by routing inter-bank ATM transactions through the NFS.

Top speakers have been lined up for the World Islamic Banking Conference (WIBC). Central Bank of Bahrain governor Rasheed Al Maraj and Central Bank of Indonesia governor Burhanuddin Abdullah have been confirmed as keynote speakers, says Gulf Daily News.

Meanwhile, i-flex solutions, a provider of IT solutions to the global financial services industry, will participate in the conference.

The key highlight of i-flex solutions` participation at WIBC will be the plenary roundtable, led by Jamil bin Hassan, i-flex`s principal consultant for Islamic banking.