iCRATS was founded in 1995 by two senior banking professionals from India's largest public sector banks with a vision to transform the paper-driven banking system of the time. The founders developed ibanking, a back-office banking solution that ran on IBM AS/400 servers and Intel 486 desktop computers, enabling branches to computerise their operations. While transactions were entered only after completion—typically during the following week—the platform was revolutionary for its time. It enabled the generation of branch-wise and consolidated position statements every month, while most financial institutions depended on paper records and calculators, producing similar statements only on an annual basis.

Encouraged by the success of iBanking back-office solution and the introduction of leased-line and dial-up connectivity in India, we successfully rolled out iBanking-ABB, one of the first Any-Branch Banking software with daily synchronisation to a central system in 1998. This enabled branch staff to process transactions directly at the counter while providing near real-time consolidated positions at Regional, Zonal and Head Office.

FAs adoption grew, the company went on to develop one of India's first Core Banking Systems in 1999. iCRATS has continued to innovate with Online Banking, Doorstep Banking, Customer Portals, FinTech platforms, Aggregator platforms, and a wide range of digital solutions, including revolutionary UPI-based payment solutions for businesses. Today, our solutions empower Non-Banking Financial Companies (NBFCs), Multi-State Co-operative Societies (MSCSs), Urban Co-operative Banks, Service Co-operative Banks, Moneylenders, Nidhi Companies, Farmer Producer Companies (FPCs), and other financial institutions.