Financial Daily from THE HINDU group of publications
Thursday, Jun 05, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 05, 2003 |
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Info-Tech
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Software Money & Banking - Software Credence tool to help IOB in forex operations M. Ramesh
CHENNAI, June 4 THE Mumbai-based Credence Analytics (I) Pvt Ltd has bagged a contract from Indian Overseas Bank, for its `Credence Mercury-fx' inter-branch messaging software. IOB intends to use the software to streamline workflow in its forex operations. While neither IOB nor Credence was willing to disclose the value of the deal, it is understood from industry sources that the deal would be worth about Rs 20 lakh. Mr M. R. Rajesh, Head-Banking, Credence Analytics, told Business Line on Tuesday that the software had already been implemented in 30 branches of IOB. "In another 15 days, we would have implemented it in some 100 branches," Mr Rajesh said. Credence Mercury-fx will basically help IOB in managing its foreign exchange operations, real time. The software would enable messages, such as of inward forex remittances, be received on a real time basis. (There are security concerns in using other modes such as phone, fax or e-mail). According to IPB sources, the software will help the bank in online rate negotiations, deal reporting, reconciliation, MIS reporting and interfacing with the head office treasury solution for online merchant position. "We are looking forward to extending the software to other similar business processes within our bank," IOB sources said. According to Mr Rajesh, the software "is the first of its kind in the world". While many other instant messaging (IM) software exist, they are used only for communication. But Credence Mercury-fx would enable a `straight through processing', which means that the person who receives the message will also be able to process it right on the screen. For example, if there were a remittance into an account from, say, Dubai, the operator would be able to make the credit on the same screen, rather than having to open the account and key in the information afresh. By this, workflow is streamlined, human errors are avoided and operations are faster.
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