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Along with reliable machine authentication for security management, today institutions are implementing solutions not only to increase agility, reduce cost, but also based largely on requirements generated by leading banks for core services. Designed around an “open” core banking architecture, TOSAN’s cutting-edge software solutions handle the complexities in retail, corporate, development, and investment banking environments, providing maximum modularity, extensibility, and easy integration and maintenance. “Our product suite has been successfully deployed in various small to medium-sized banks and financial institutions to perform mission-critical, high-volume transactions,” says Mohammad Fatemi, Chairman of the Board, TOSAN.
Based in Iran, TOSAN began as an end-to-end e-banking and payment solutions provider for both conventional and Islamic banking marketplace. “We focus on the current and future needs and expectations of the customers and deliver products that meet or exceed those needs,” Fatemi points out. “We are well-versed about the dynamics of the Iranian traditional banking industry and landscape.” To promote innovation and connectivity between TOSAN, FinTech startups, and Iranian banking community, TOSAN provides an open banking platform, called TOSAN Boom.
BANCO, the firm’s Service Oriented Architecture (SOA) and Java-based flagship banking product is designed to meet Sharia-compliant Islamic retail, private, and corporate banking requirements. FARANEGIN, on the other hand, is an earlier version of banking system offering Islamic finance management.
We focus on the current and future needs and expectations of the customers and deliver products that meet or exceed those needs
The company’s professional services include deployment and operation, service and support, data center management, and comprehensive pre- and post-migration training. The firm assists in customizing solutions to fit individual requirements of financial organizations and works closely with enterprises to plan for deployment and operation that includes a meticulous gap analysis, infrastructure design, data conversion, and system implementation. “We provide experienced staff onsite to assist our clients throughout the implementation and the subsequent operation stages,” explains the Chairman.
The company’s capability to enhance efficiency and reduce cost has helped them partner with a multitude of mammoth banking corporations to successfully solve their complexities. Recently, the firm showcased its mastery in building a new product where it efficiently organized the development of the solution ensuring the product released on time and well within the allocated budget. The preliminary reports from customer sites, where the release has been deployed and tested, indicated a very positive response bringing in more business and customer satisfaction.
Over the past years, TOSAN has displayed remarkable resilience and has successfully helped financial institutions to manage and overcome overwhelming and insurmountable challenges, for which the firm is well honored. The company with its ambitious goal for the future is heavily investing in R&D as well as market research to better support the banking industry. To further expand its reach, TOSAN plans to partner with top-tier international companies. “We are partnered with TEMENOS, a top banking software systems provider, to market and sell its T24-based products as part of our solutions basket,” notes Fatemi. “More partnerships with larger players like SOFGEN and Tech Mahindra are still in the pipeline.”