IDFC Bank of India has launched it first online offering for trade and supply chain services, a self-service channel that will boost the efficiency of trade finance transactions for its clients. The bank is a unit of the Infrastructure Development Finance Company (IDFC) which received a universal banking licence from the Reserve Bank of India (RBI) last year, and started banking operations October 1. 

 

Misys, the leading financial software company, has announced that IDFC Bank selected Misys FusionBanking Trade Services and Misys FusionCapital Kondor to underpin its trade finance and treasury services channels and operations. 

 

The bank’s vision is to deliver banking anytime, anywhere by using technology to drive efficiency and set new standards of customer experience and convenience. It launched its banking operations on October 1 focusing on product and service innovation that take advantage of the latest digital technologies and data analytics.

 

Avtar Monga, chief operating officer, IDFC Bank, said, “We are launching our first online offering for trade and supply chain services - a self-service channel that will boost the efficiency of trade finance transactions for our clients. Misys has a proven platform for automating documentary trade and supply chain finance, and we expect to see rapid growth in our trade finance business as a result of investing in this solution.”

 

FusionBanking Trade Innovation and the trade services module of FusionBanking Corporate Channels have created a highly efficient environment for the bank to deliver quick turnaround times for clients. Service Level Agreements are managed on a centralised platform providing a 360 degree view of its trade finance business. Additionally, operational dashboards provide a single view of each client’s business to manage team workloads and control the time spent on any given transaction.

 

The bank is also managing its international treasury management business on FusionCapital Kondor.

 

“We wanted to create fully automated, highly efficient treasury and trading operations across multiple asset classes and instruments,” added Monga. “Misys provides best practice workflows out-of-the-box, as well as the tools to adapt these processes to meet local requirements. This meant that they were the most ideal  partner  to help us launch a future-proof platform to support our growth aspirations.”

 

Nadeem Syed, CEO, Misys commented, “We are delighted to expand our partnership with IDFC Bank to help them achieve their goals in corporate banking and treasury services. The Indian market is very dynamic, and by choosing Misys the bank has ensured that it will remain a driver of private sector infrastructure development in the country, and meet growing customer demands with ease.”