Fundtech (Nasdaq:FNDT), a market leader in global transaction banking solutions, announced that India's IDBI Bank, an existing customer, has gone live on both the Payments and Receivables modules of Global CASHplus, Fundtech's new generation cash management and financial supply chain product.
IDBI's corporate clients will now have access to advanced cash flow planning and working capital optimization applications. Fundtech has been providing best-in-class solutions to IDBI Bank for over nine years.
Anshuman Jaswal, senior analyst at Celent India, commented, "Banks in India are looking to compete with and supersede their global counterparts with technology investment and advancement. In-line with demands from their corporate clients, banks are looking to offer more sophisticated treasury solutions, such as cash forecasting and planning tools. Working with a global transaction banking provider such as Fundtech, IDBI Bank can leverage its expertise and implementation skills."
Global CASHplus will help IDBI Bank centralize its payments and collections processing for its corporate customers, including salary payments and invoice payments. The new system enhances many of the bank's collections services, including guaranteed arrangements, check collections, post-dated check collections, correspondent bank management, among others. Corporate clients will use a web-enabled interface that integrates all services into a single window.
According to Sanjay Dalmia, managing director, Fundtech India Ltd, "Global CASHplus offers an easy-to-use, yet sophisticated suite of financial tools to manage all aspects of corporate electronic banking and financial supply chain transactions. We are proud to work with a leading bank like IDBI on their strategic transaction banking initiatives and wish them every success."