Indian Overseas Bank (IOB) is rolling out Credence Analytics' Mercury-fx, an instant messaging (IM) and workflow system across its branches to manage its merchant forex business.
The bank's merchant forex desks handle an average of over 600 deals each day conducted across its 99 branches via leased line or VSAT connections.
Credence Analytics says the product will not only improve communications but also automate workflow processes both at the bank's head office and across its back office. The software interfaces with the bank's Oracle-based treasury solution, which is used to maintain online merchant positions.
Mr Alagappan, general manager, IOB, says Mercury-fx is helping with online rate negotiations, deal reporting, Swift message broadcasting, reconciliation and MIS reporting.