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Dhaka, November 23, 2008: Southtech Ascend Banking System, the premier retail, commercial and microfinance solution from Southtech Limited, has been successfully upgraded from VB6 to .NET Technology with many additional features and functionalities.

Ascend Banking is now fully Unicode compliant and thus it is multilingual. It supports both centralized as well as distributed mode operation. The unique design architecture is highly useful for commercial or microfinance banks with a large branch network but which plans to operate some branches in an online mode while others in an offline mode but nevertheless needs a common platform for easy and seamless consolidation at the regional or head offices. Offline branches can still offer cheque cashing facilities to the clients through cheap and narrow communication services offered by mobile cell operators. It allows the segregation of investor or donor funded operations for performance evaluation and monitoring. Through its improved actual and virtual Profit & Cost Centre concept, Ascend Banking offers new analytical abilities to the discerning banker.

The range of parameters has been increased significantly in all modules thus allowing users various options and to create an even wider range of products in a highly competitive world. Many of the user interfaces have been upgraded and made even more user-friendly and many customizable processes have been simplified. Multi-currency features have been refined allowing a borrower to borrow in one currency and repay in another without the need for a cashier or an accountant to pass a large number of accounting entries; the entire operation is completely automated. The central bank returns module is now greatly parameterized and therefore customizable; it supports all local and most foreign central bank reporting requirements.

“Ascend Banking was already a very efficient, effective and cost-effective banking solution that satisfied the end users well, but this upgraded version will significantly help our clients to be even more competitive and allow them to move into positions of dominance. If a retail bank wishes to introduce group lending in the Grameen Bank Model, they may easily do so now while at the same time take guarantees and collaterals like commercial banks do. We have introduced mobile banking and back-valuation features that allow microfinance banks to offer banking facilities to even more remote communities. With modern delivery channels important for retail banks such as ATM, POS, and PDA interfaces, Ascend Banking is in a class of its own,” said Syed Mamnun Quader, CEO of Southtech Limited.

“We are really excited about this new version. We have worked relentlessly for many months to bring this product to this world-class level. We are moving ahead with further improvements and features based on R&D and innovative and creative ideas generated in-house. We have developed a clear product upgrade and release plan until 2010. With our exceptional value-for-money proposition, we see intense competition with the ‘big boys’ and we intend to give them a run for their money,” said Ascend Banking’s Product Manager, Md. Mizanur Rahman.

With this new powerful version of Ascend Banking, Southtech Limited, a CMMI L-3 appraised software company expects to grasp an even larger share of this expanding market segment.

For more details, please visit www.southtechlimited.com.

Syed Mamnun Quader
Managing Director & CEO

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