ING Vysya Bank Limited has chosen Quadryx from Credence Analytics to manage derivatives transaction processing for their treasury operations at Bangalore, India.
Credence Analytics was awarded the mandate after an intensive evaluation of different solutions by the bank. Credence Quadryx would be interfaced with Bank's front office system for deal download and further cashflow processing, accruals calculation, valuation, limits and exposures, MIS reporting and accounting of all derivatives transactions.
"We started looking for a derivatives transaction processing solution that would be comprehensive, flexible and with a quick turn around time. After exhaustive evaluation of vendors, we realized that Credence Analytics has the domain expertise, support for derivative variants, capability to interface with host systems and flexible report writing capabilities. The solution would satisfy our stringent internal norms and regulatory requirements," observes Mr. V. Viswanathan, Head - IT, ING Vysya Bank.
Mr. M. R. Rajesh, Head–Banking Solutions, Credence Analytics, says, "ING Vysya Bank evaluated us on product readiness, flexibility of the product to keep pace with market and regulatory changes and domain expertise. It is this combination that clinched the deal in our favor."
The Credence Derivatives solution Quadryx now boasts of a client base of 17 customers and is being implemented in institutions with active derivatives desks including banks, insurance companies, mutual funds, derivatives brokers and corporate.