Credence Analytics bags mandate from Indian Overseas Bank for 'Mercury fx – IM based forex work-flow management software'

May 30, 2003. Mumbai, India

A Forrester Research survey of 50 Fortune 1000 companies points out that already 36% of companies are using Instant Messaging (IM) at work while 46% are expected to use it by next year. While IM as a technology has been used for exchanging simple text messages, it offers scope for real time data exchange in a number of areas; thus extending the benefits beyond significant savings in communication costs, to streamlined workflow and productivity gains. Keeping pace with the industry trend, Credence Analytics (India) launched 'Credence Mercury-fx' – an IM based inter-branch communication, information and transaction exchange and reporting software for the merchant forex trade business in banks.

Credence Analytics has bagged the first mandate for Mercury-fx from Indian Overseas Bank, a leading public sector bank. The bank with its head office at Chennai and having centralised forex operations (both front office and back office) has a very active merchant forex business. Each day the dealers manage large volumes of forex business from various branches across the length and breadth of the country. These branches are connected to the head office via leased lines or V-SATs. The majority of the forex transactions are handled through the inhouse web-site/web-based products of the bank and online merchant positions are maintained at the centralised treasury solution (Oracle based) at the head office. The bank was on the lookout for a solution for enhancing the merchant forex functionalities for realtime management of forex treasury.

Mr. Alagappan, GM, Forex Division states "We were looking for a real-time solution which would work on the bank's network to help in our merchant trade operations which would allow us to offer better client servicing across all our branch locations. We chose Credence Mercury-fx solution since it was a solution which met most of our requirements and would help us drastically reduce our time-to-market. Mercury-fx is being successfully rolled out to all the branches and it is helping us in our online rate negotiations, deal reporting, SWIFT message broadcasting, reconciliation, MIS reporting and interfacing with the HO treasury solution for online merchant position. The solution is secure and user-friendly and we are looking to extend it to other similar business processes within our bank."

"Mercury-fx will be a trend setter in putting Enterprise Instant Messaging to business use in treasuries. While typical messaging solutions are being adopted for communication, we would be deploying a Straight Through Processing software to automate the complete workflow process of the Merchant desk at Head Office, Back Office and Category B branches of the bank", states Mr. M. R. Rajesh, Head Banking, Credence Analytics.

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