Karnataka Bank chose the Credence Analytics’ Integrated Treasury Solution, iDEAL, alongwith Quadryx and Mercury-fx to automate its integrated treasury and derivatives desk operations.
According to Karnataka Bank’s chairman Ananthakrishna, “the bank is in the forefront of providing professional banking services and quality customer service.”
In line with their technology upgradation plans, Karnataka Bank decided to implement a STP (straight-through transaction processing) treasury solution to automate and streamline the treasury and derivatives operations.
Credence Analytics, a treasury and risk management solution provider in India, has a long association with Karnataka Bank by automating the domestic treasury and market risk management operations at Mangalore. The bank decided to extend this solution to automate the International Banking Operations conducted by International Division at Mumbai to make it a truly integrated treasury.
The integrated treasury solution “iDEAL” would handle the STP requirements of Merchant, Interbank, Derivatives and Nostro Reconciliation requirements of the bank. The solution will be customized to interface with the corebanking solution Finacle. The Mercury-fx solution will be rolled out to Karnataka bank’s designated forex branches and fx bureaus to provide real-time competitive foreign exchange rates to customers.