Deccan Chronicle, Hyderabad, February 8, 2001

FNSTAR Inc., a US-based financial software company on Wednesday launched its Indian subsidiary Electronic Financial Network Pvt. Ltd. in the city.

EFN would be the company's global software development centre, FNSTAR Inc CEO Ram Puppala told reporters here.

The company has planned to launch a suit of products for integrated solutions for financial intermediaries including FN Broker, FN Back office Service Bureau, FN CRM, FN Portal and FN Connect. Among these, FN Broker has already deployed with five customers talks on with are on with another 18 for them, Puppala said. FN CRM and FN Portal would be launched in March while FN BOSB would be launched in May.

The company has at present 40 developers and the number would go up to 70 by the end of the year, he said. FNSTAR plans to spend $4 million to expand the operations in the Hyderabad centre, he said.

About FNSTAR:

FNSTAR, headquartered in Englewood, CO, is a global provider of IT solution and services to the Financial services and Telecommunication industry. FNSTAR provides Offshore management consulting services for the telecommunication and financial services industry and a comprehensive suite of integrated software solutions created for retail financial institutions such as banks, brokerages and insurance companies.

FNSTAR's solution has been successfully deployed at tier 1 financial service corporations; and, enables them to offer a complete line of retail investment products while managing supporting activities such as portfolio management, record keeping, regulatory compliance, risk evaluation and management, clearance and settlement.

FNSTAR Integrated Financial Management Solution (fn*IFMS) provides brokerage house, banks with one stop solution brokerage solution for front office, middle office, internet trading, power trading, and correspondent clearing. Financial institutions can replace their legacy systems or expand globally with the integrated brokerage solution. FNSTAR’s cross border trading solution (fn*CrossBorder) enables financial institutions to execute cross borders trade in seamless way taking into account the cross border regulation, compliance, currency and account ownership.

FNSTAR's cross border trading solution (fn*CrossBorder) enables financial institutions to execute cross borders trade in seamless way taking into account the cross border regulation, compliance, currency and account ownership.

FNSTAR offshore management consulting services includes developing a viable offshore strategy for the company, performing program management and IT delivery services. There is a myth that Offshoring delivers dramatic cost savings whenever projects are off shored using the lowest cost vendor. FNSTAR insists that organizations must also take into account the TCO (Total Cost of Ownership), IT budget, business drivers, added cost of offshoring related to knowledge transfer, logistics, data security, service levels, IT processes integration, long term strategy of the application, and long term strategy with the vendor.