Infosys today announced the successful implementation of Finacle treasury management solution at Hrvatska Postanska Banka (HPB) - the largest state-owned bank in Croatia.
Finacle Treasury will enable HPB with comprehensive and integrated front-to-back office functionality for its treasury operations. The implementation has enabled the bank to streamline and integrate operations, reduce manual workload as well as enhance control and monitoring mechanisms in the back office.
Earlier, HPB was operating on a disparate platform where tasks such as transfer of deals from third party platforms to the treasury system, posting of accounting entries to the back office, generation of SWIFT messages and reports were performed manually. This was time consuming for bank staff and also entailed high costs for the bank to maintain multiple legacy applications.
With Finacle Treasury, operations have now been automated on a single, integrated platform for front- mid- and back office operations by replacement of multiple systems for deal processing. Finacle Treasury is integrated with other existing applications, ensuring a smooth platform interface, eliminating manual workload and errors, as well as improving operational efficiency. This transition from legacy systems to an industry standard solution also provides the bank with the necessary flexibility and scalability for future enhancements.
According to Mr. Saša Stanković, Senior Executive Director of Project Management Office, HPB, "Finacle treasury solution has enabled us to streamline operations, improve efficiencies and augment our service offerings to our customers. The adaptability of the solution combined with the comprehensive functionalities delivers an increased cost-benefit ratio and higher operational efficiencies which will enable us to achieve customer delight."
With Finacle, HPB is now able to address the dynamic Croatian accounting requirements and flexibility in treasury product customisation. Finacle has also improved operational efficiency of the bank's middle office in the areas of limit & positions monitoring and risk managemennt. The sysstem will further support monitoring deal processing for the entire lifecycle in all the banks units in future.
Commenting on the success, Mr. Haragopal M, Business Head - Finacle, Infosys Technologies said "World over, bank treasuries are moving from disparate technology platforms to 'swiss knife systems' that promise improved cost control and risk management, in an integrated manner. Banks like HPB are exemplary in their successful endeavor to take their treasury operations to the next level of excellence. I'm confident that Finacle Treasury will ensure for the bank a unified platform that delivers wide-ranging functionality and optimised operational efficiencies, to factor in aggressive growth"
The current market trends demand a reassessment of treasury management to meet the dynamic requirements of the customers. Rapid regulatory changes and compliance requirements such as IAS 39, Basel II, Sarbanes-Oxley Act (SOX) indicate that banks need to adopt latest technology to keep pace with increased demands made on them.