Karnataka Bank chooses Credence iDEAL Integrated Treasury Solution

Karnataka Bank has chosen the Credence Analytics’ Integrated Treasury Solution, iDEAL alongwith Quadryx and Mercury-fx to automate its integrated treasury and derivatives desk operations.

According to Karnataka Bank’s chairman Mr. Ananthakrishna, "the bank is in the forefront of providing professional banking services and quality customer service."

In line with their technology upgradation plans, Karnataka Bank decided to implement a STP (straight-through transaction processing) treasury solution that would help automate and streamline the treasury and derivatives operations.

Credence Analytics, India's leading treasury and risk management solution providers, has a long association with Karnataka Bank by automating the domestic treasury and market risk management operations at Mangalore. The bank decided to extend this solution to automate the International Banking Operations conducted by International Division at Mumbai to make it a truly integrated treasury.

The integrated treasury solution "iDEAL" would handle the STP requirements of Merchant, Interbank, Derivatives and Nostro Reconciliation requirements of the bank. The solution will be customised to interface with the corebanking solution Finacle. The Mercury-fx solution will be rolled out to Karnataka bank's designated forex branches and fx bureaus to provide real-time competitive foreign exchange rates to customers.

"We selected Credence iDEAL because we wanted a proven integrated treasury solution to satisfy our internal and regulatory requirements. Credence Analytics has proven support capability and we are highly satisfied with their service levels. Their strong research background and exclusive focus on treasury and risk management domain helps them with creating innovative products" observes Mr. Ananthakrishna, Chairman, Karnataka Bank.

Mr. M. R. Rajesh, Head – Banking Solutions, Credence Analytics, believes it is the service commitment and superior product functionalities that gives an edge over others. He also says "Credence Analytics' browser based front end tool Mercury-fx for the designated branches ensures better customer service for the bank's customers. Credence has kept the product up to date with the incorporation of derivatives, equity and mutual fund modules along with superior risk management tools. With the kind of market volatility and competition banks are facing, our tools will help treasuries measure and hedge their risk pro-actively."

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