“We are launching our first online offering for trade and supply chain services - a self-service channel that will boost the efficiency of trade finance transactions for our clients." Avtar Monga, Chief Operating Officer, IDFC Bank
Singapore (PRWEB UK) 8 October 2015
Misys, the leading financial software company, has today announced that IDFC Bank, India has selected Misys FusionBanking Trade Services and Misys FusionCapital Kondor to underpin its trade finance and treasury services channels and operations.
The bank’s vision is to deliver banking anytime, anywhere by using technology to drive efficiency and set new standards of customer experience and convenience. It launched its banking operations on 1 October 2015 and is focusing on product and service innovation that take advantage of the latest digital technologies and data analytics.
Avtar Monga, Chief Operating Officer, IDFC Bank, said, “We are launching our first online offering for trade and supply chain services - a self-service channel that will boost the efficiency of trade finance transactions for our clients. Misys has a proven platform for automating documentary trade and supply chain finance, and we expect to see rapid growth in our trade finance business as a result of investing in this solution.”
FusionBanking Trade Innovation and the trade services module of FusionBanking Corporate Channels have created a highly efficient environment for the bank to deliver quick turnaround times for clients. Service Level Agreements are managed on a centralised platform providing a 360 degree view of its trade finance business. Additionally, operational dashboards provide a single view of each client’s business to manage team workloads and control the time spent on any given transaction.
The bank is also managing its international treasury management business on FusionCapital Kondor. “We wanted to create fully automated, highly efficient treasury and trading operations across multiple asset classes and instruments,” added Avtar Monga, Chief Operating Officer, IDFC Bank. “Misys provides best practice workflows out-of-the-box, as well as the tools to adapt these processes to meet local requirements. This meant that they were the most ideal partner to help us launch a future-proof platform to support our growth aspirations.”
Nadeem Syed, CEO, Misys commented, “We are delighted to expand our partnership with IDFC Bank to help them achieve their goals in corporate banking and treasury services. The Indian market is very dynamic, and by choosing Misys the bank has ensured that it will remain a driver of private sector infrastructure development in the country, and meet growing customer demands with ease.”
Misys and IDFC Ltd. have worked together since 2006, with Misys providing treasury and Asset Liability Management( ALM) services.
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Misys is at the forefront of the financial software industry, providing the broadest portfolio of banking, capital markets, investment management and risk solutions available on the market. With more than 2,000 customers in 130 countries our team of domain experts, combined with our partner eco-system, have an unparalleled ability to address industry requirements at both a global and local level. We connect systems, collect data and create intelligent information to drive smarter business decisions. To learn more about how our Fusion software portfolio can deliver a holistic view of your operations, and help you to solve your most complex challenges, please visit http://www.misys.com and follow @MisysFS on Twitter.
About IDFC Bank
IDFC Bank is India’s newest private sector bank, having launched its operations on October 1, 2015. IDFC Bank provides solutions to Corporates, Urban and Rural Customers across India. At IDFC Bank, our vision is to deliver banking anytime, anywhere at scale by using technology to relentlessly drive efficiency and set new standards of customer experience and convenience. As a universal bank IDFC Bank will continue to support the infrastructure sector, just as IDFC has done successfully since its inception in 1997. In addition, we will now focus on two under-served customer segments: the rural under-banked and the self-employed.
With best in class corporate governance and rigorous risk management systems, highly experienced management team, strong balance sheet size, and diversified workforce, IDFC Bank is uniquely positioned to build a differentiated banking proposition. For more information, log on to http://www.idfcbank.com.