India’s IDBI Bank, an existing FundTech customer, has gone live on both the payments and receivables modules of Global CASHplus, a 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 optimisation applications.
Global CASHplus will help IDBI Bank centralise 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, cheque collections, post-dated cheque collections, correspondent bank management, etc. Corporate clients will use a web-enabled interface that integrates all services into a single window.
Anshuman Jaswal, senior analyst at Celent India, said: “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.”
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