India.cnet.com, Mumbai, February 14, 2001

US-based FNSTAR Inc, a technology solutions provider company, will invest $4 million in India over the next six to 12 months in building necessary infrastructure like a data center and operating facilities.

"We have already invested $ 1 million till now and the amount will also be used for developing technology solutions for the financial services sector," chief executive officer Ram Puppala told reporters announcing the launch of its wholly-owned subsidiary, Electronic Financial Network (EFN).

EFN would be the sole development center for FNSTAR globally, he said adding the company also had a business process outsourcing center in Hyderabad.

FNSTAR plans to launch 'FNSTAR IFMS', its flagship business solution, in India for the financial services sector, Puppala said.

The first component of this solution--FN Broker--would be available from February-end in the country, he added.

Puppala said EFN has already signed up with five clients to implement the FN Broker business solution, which provides an end-to-end STP solution to financial intermediaries in a multi-instrument, multi-exchange, multi-currency and multi-market environment.

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.