The banking industry was once a simple and reliable business that took deposits from investors at a lower interest rate and loaned it out to borrowers at a higher rate. However de-regulation and technology has led to a revolution that has the complete industry transformed. Banks have now become global industrial powerhouses that have created ever more complex products that use risk and enhance security in various complex models.

Through technology development, banking services have become available 24 hours base operation  through use of Automated Teller Machines (ATMs),  online banking , point of sale , mobile phones , bill payment and many others.

Globalization,mergers and acquisitions, de-regulation and the diversification of the financial services industry has had profound implications for banks. The spectacular growth of the global economy continues to reshape the banking system. There is definitely a shift in focus, from only transactional capability to end-to-end, enterprise-wide performance monitoring and management. Growth is no longer measured by volume but by value.

Craft Silicon understands the technological needs of the banking sector for diversification by tearing down walls for survival and for growth, at large.

Banker Realm Electronic Fund Transfer (BREFT) is the solution that banks can use to communicate between the core banking system and alternate banking channels and break down the barriers and the boundaries that customers have in the limited time access to banking services. BREFT is a switch routing engine that allows an institution to accept incoming messages in any given format, process them and either respond to them or forward them to the designated host.

The BREFT uses superior middle ware that enables it to handle all the electronic delivery channels. It supports multilingual ATM screens and has multicurrency capabilities. The back office of BREFT generates a host of daily reports and MIS and is able to monitor and process end-of-the-day transactions for updates. It can issue and authorize magnetic strips and electromagnetic wave compliant cards. It has features that make it highly flexible and scalable to very high transactions and also does a host of activities like manage stored-value cards or prepaid cards, mobile top-ups and connect to other Point of Sale (POS) networks.


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