Pub. 5 2016 Issue 2

March 2016 15 l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s SURESH RAMAMURTHI NAMED INNOVATOR OF THE YEAR BY AMERICAN BANKER A KANSAS BANKER is getting national press with pioneering technology that moves money instantly. Suresh Ramamurthi was named “Innovator of the Year” by American Banker after developing a process for peer to peer transfers at the speed of the Internet. Ramamurthi, chairman and chief technology officer for CBW Bank in Weir, Kansas, had the vision and ambition to leverage the existing banking systems to create a real-time payment system. “People type words into the Google search bar and expect instant results,” Suresh explained, “Why wouldn’t money be able to move just as fast?” By utilizing debit card networks the CBW Bank has rebuilt the concept of a bank account by offering high tech features to both corporate and personal account holders. Examples of business account functions include: on-demand payroll, on-demand loan distribution and mass disbursements for insurance claims processing etc., all in real time. Personal use of this technology allows installment payments to any financial institution on- demand as well as transfers to any bank in the United States, for example. The desire to take friction out of payments was the driving force for Ramamurthi. As the founder and CEO of Yantra Financial Technologies he had the freedom to develop software that enhances the current system in a positive way for banks. It works with the system and for the customers. Ramamurthi talks openly about spending significant amounts of time with regulators to ensure a high level of compliance before he ever unveils a product. Being a front-runner in financial technology requires more than modifying legacy systems and often time demands a fresh approach. Modernizing the movement of money in a well-established payment system is heavily scrutinized and he welcomes the challenge. KBA President and CEO Chuck Stones stated “Suresh is definitely an innovator. Like a great chess player, he thinks many moves ahead. I have no doubt that his work will change banking as we have come to know it today.”