South Indian Bank automates treasury ops with Credence Analytics' iDeal

The bank is on a technology upgradation 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.

Currently The South Indian Bank operates from 451 branches, 44 extension counters spread over 19 States/UTs which is one of the largest private sector banks in the country. The bank has shown growth in all parameters in terms of business turnover, profitability, introduction of new products and reaches in terms of locations. The bank had a net profit of Rs. 51 Crore and operating profit of Rs. 157 Crore for the year ended 31st March 2006. Technology has been used intelligently to act as a major enabler to support these growth plans. It has been among the earliest banks to offer a technology-enabled customer interface that provides easy access and superior customer service.

The integrated treasury solution "Credence iDEAL" would handle the STP requirements of integrated treasury in terms of Forex, Fixed Income and Derivatives Operations of the bank. The Mercury-fx solution would 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. 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" observes Mr. M. Valsan, the Chief General Manager, South Indian Bank.

M. R. Rajesh, Head - Banking Solutions at Credence Analytics says "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. 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."