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Tech startups help keep bank frauds in check, offer personalized courses


New Delhi: This fortnight we profile a fintech and an edutech startup.

3rd.Life: Customized SWIFT solutions

Globsyn 3rd.Life is a banking and financial technology startup that offers customized SWIFT (Society for Worldwide Interbank Financial Telecommunication) solutions to banks and helps lenders integrate their core banking system with SWIFT.

Non-linkage of these systems led to the infamous $2.1 billion PNB-Nirav Modi scam last year. Thus, Globsyn 3rd.Life is helping banks avoid banking frauds related to SWIFT.

Globsyn, founded by Romit Dasgupta, has developed a state-of-the-art, fraud-detecting middleware solution at an affordable cost, so that even small and mid-sized banks have the technology needed to monitor cross-border transactions and remain compliant with the regulator’s norms.

“In the last two years, we have implemented the solution in 14 banks, including public, private and small cooperative banks, thereby using technology to make back-end operations more robust and secure,” said Dasgupta, who is also working on an affordable FRM (fraud risk management) solution for monitoring domestic transactions and fraud-detection in banks.

The solution is ready and the company already has a large anchor client. It aims to reach about 100 banks within the next two-three years. Besides, Globsyn 3rd.Life’s plans include migrating all its solutions to the cloud to achieve its vision of making its sophisticated software solutions more affordable and intelligent.

EduRev: Helping students

EduRev is a curated educational marketplace with 1,000-plus interactive online courses built over a social learning platform.

“We offer personalized education to every student using our technology, which provides them with the best learning material and also guides them on how to improve while they learn,” said co-founder Hardik Dhamija.

The company’s courses cover the entire school curriculum, as well major competitive exams such as the JEE, NEET, UPSC and CAT.

Dhamija, along with co-founder Kunaal Satija, had launched EduRev Infinity, a subscription-based model, offering uninterrupted access to all the courses or that of a particular category.

“We’ve managed to get 5,000-plus paid subscribers from India and five other countries, without spending any budget on marketing/branding,” said Dhamija. Now the team is looking to go full fledged with this revenue model and is expecting to sell to more than 100,000 users in the next 12 months.

EduRev, with 3.9 million registered users and more than 400 million visits, got the Best App award by Google on Google Play store for learning and education.

Source: Livemint