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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (677)	2/11/2000 10:16:00 PM
From: Mohan Marette	Respond to of 1471

Foreign, private banks likely to join hands for payment gateway-Sify may be involved A clutch of leading private and foreign banks is soon likely to join hands to tie-up with a leading e-business solutions provider for launching a payment gateway to facilitate inter-bank transfer of funds through inter-bank. ICICI Bank, HDFC Bank, Global Trust Bank, UTI Bank, Citibank, Deutsche Bank, HSBC and ABN Amro Bank are said to be keen on joining hands for facilitating the launch of this facility. Names like Satyam Infoway, Compaq, IBM and Brokat Ways are doing the rounds as likely candidates for developing and providing the platform and designing the gateway. "Public sector banks interested in forewing into net-banking may also be roped in," a high-level e-banking solutions provider said. The gateway, expected to be set up by the middle of this year is sure to bring banking right at the doorstep of the Indian consumer and be a landmark advancement to the concept of 'virtual banking'. Talks are underway between these banks for launching the gateway, which will emerge as a forceful alternative to the present electronic funds transfer (EFT) of the RBI. The upcoming payment gateway with real time settlement of transactions and fund transfers, enabling banks to substantially reduce transaction costs and the processing period. Currently, settlement of funds between banks takes place through the clearinghouse of the Reserve Bank of India. "The concept is the baby of private and foreign banks," sources said. According to infotech industry sources, the idea of inter-bank fund transfer on the Net, which will facilitate real-time online transactions among customers of banks is still at the conception stage and will be operational subject to regulatory clearances. "Launching the payment gateway will definitely need approval from the Reserve Bank. There are issues like allowing customers to open accounts through the Net, approval to the concept of e-cheques by the Government and regulatory authorities, recognition of electronic data and setting up of certifying authority to issue digital signature certificates," the source said, adding: "We are optimistic that the idea will receive full support from the RBI". The current Internet banking facility offered by a few banks enables customers to make inter-branch transfers, but do not enable fund transfer between banks. A few banks have launched payment gateways offering business-to-business (B2B) and business-to-customer (B2C) services, though these too are handicapped, as they do not enable transactions between two parties having accounts in different banks. Both parties to the transaction should maintain an account with the bank offering the service. The establishing of such a gateway will also depend on passage of the Information Technology Bill (IT Bill) by the Parliament. The IT Bill, which was tabled in December last year, is expected to be passed during the budget session. The bill seeks amendments to the RBI Act (1934) for enabling electronic fund transfer among banks and financial institutions (FIs) and the Bankers' Books Evidence Act (1891) to give sanctity for books of accounts maintained by bank/FIs in the electronic form. Source : MI Feb 11, 2000

To: Mohan Marette who wrote (677)	2/11/2000 10:17:00 PM
From: Yamakita	Read Replies (1) \| Respond to of 1471

Mohan, I took the opportunity to sell a SMALL portion of my SIFY last night to purchase Cheung Wah, in which Masa Son's Softbank has just purchased a controlling interest. I would be most pleased if you and any other SIFY investors would join me in discussing Cheung Wah on a new thread I just started: Subject 33384 The company will henceforth be known as Softbank Investment International. Not trying to spam, just alerting you to a rather intriguing possibility if you missed Softbank the first time around .... Best of luck to us all!