India’s IDBI Bank enhances link with Fundtech

India’s IDBI Bank has strengthened its
relationship with transaction banking solutions provider Fundtech
in a bid to compete on a global scale by deploying the payments and
receivables module of Global CASHplus – Fundtech’s cash management
and financial supply chain product.

Through the enhanced partnership IDBI’s
corporate clients will have access to advanced cash flow planning
and working capital optimisation applications.

“Banks in India are looking to compete with
and supersede their global counterparts with technology investment
and advancement,” said Anshuman Jaswalm a senior analyst at Celent
India.

“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.”

The Global CASHplus service is claimed to
enable IDBI Bank centralise its payments and collections processing
for its corporate customers, including salary and invoice payments.
It also aims to enhance some of the bank’s collections services,
including guaranteed arrangements, cheque collections, post-dated
cheque collections and correspondent bank management.