The South Indian Bank, India’s leading fast growing private sector bank, has chosen the Credence Analytics’ Integrated Treasury Solution, “iDEAL”, to automate its integrated treasury operations. The bank is on a technology upgrade spree to match its fast paced growth plans. The bank chose Credence’s Integrated Treasury solution, which will address the Front-Mid-Back Office Treasury operations of the bank. The bank has also opted for online branch dealing system called “Mercury-fx” to enhance its efficiency in the forex-merchant business.
The integrated treasury solution “Credence iDEAL” will handle the STP requirements of integrated treasury in terms of Forex, Fixed Income and Derivatives Operations of the bank. The Mercury-fx solution will be rolled out to South Indian Bank’s designated branches to the merchant forex operations of the bank in which the bank already has a commendable presence. Credence iDEAL and Mercury-fx solution will be customised to interface with the core banking solution “Finacle”.
“We selected Credence iDEAL because we wanted a comprehensive solution which can integrate our treasury operations and offer flexibility in incorporating the new business requirements,” says Mr. M. Valsan, the Chief General Manager, South Indian Bank. “Credence Analytics’ product suite came closest to our requirements in keeping pace with our growth in new areas. Their exclusive focus on treasury and risk management domain helped them in understanding our requirements and offering suitable solution with innovative product suite.”
“With The South Indian Bank’s decision to opt for our solution, Credence iDEAL, it has emerged as the most preferred treasury software in India,” says M. R. Rajesh, Head of Banking Solutions at Credence Analytics. “We are thrilled that South Indian Bank has joined our existing client family. Credence will partner South Indian Bank in not only satisfying their current treasury management requirements, but also will work together in improving their work flow processes on an on-going basis to improve operational efficiencies and penetrate new business areas.”