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SBI picks Credence tool for inter-bank messaging

Chennai , July 12

STATE Bank of India has opted for the inter-branch messaging software of Mumbai-based Credence Analytics (I ) Pvt Ltd, and is implementing it across 610 branches.

"In this deal, SBI evaluated five vendors , short-listed Credence and Reuters, and finally went with Credence Analytics ," Mr M.R. Rajesh, Head-Banking Solutions, Credence Analytics, told Busines s Line.

Credence's messaging software product is called ` Mercury-fx '.

While Mr Rajesh did not disclose the value of the order, market sources say it could be anywhere between Rs 3 crore and Rs 4 crore.

SBI is the second Indian bank to use Mercury-fx. Last year, Indian Over seas Bank bought the software.

The software enables messages, such as inward forex remittances, which are received on real time basis. (As opposed to the traditional telex mode of transmitting messages. There are security issues in using other modes like phone, fax or e-mail.)

According to sources, the software will help banks do online rate negotiations, deal reporting and reconciliation, MIS reporting and interfacing with the head office treasury solution for online merchant position.