Maruti Suzuki ropes in IBSFINtech to automate treasury operations

Maruti Suzuki ropes in IBSFINtech to automate treasury operations

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IBSFINtech India Pvt. Ltd., a leading provider of comprehensive, innovative & integrated Corporate Treasury Management solutions announced Maruti Suzuki India Limited as the latest addition to their list of prestigious clients. Maruti Suzuki India Limited, formerly known as Maruti Udyog Limited, is a leading automobile manufacturer of India.
IBSFINtech India Pvt. Ltd is a Make-In-India company specializing in comprehensive, innovative and award-winning solutions for Corporate Treasury and Trade Finance, with emphasis on risk management.

Reacting on the development Maruti Suzuki India Ltd’s GM-Finance & Head-Treasury, Dinesh Gandhi, said, ” We have been looking for a TMS for quite some time and finally we closed upon IBSFINtech’s Innovative Treasury Management system as it proved to be apt for our requirements. They have offered customization, wherever necessary. During implementation, we have observed and appreciated the ease of use and inherent reporting capabilities. I am glad we selected IBSFINtech.”

IBSFINtech Executive Director C M Grover remarked that a prestigious company like MSIL has chosen the company and has decided to come onboard the IBSFINtech’s Innovative Treasury and Trade Finance Management solution. “I am really thrilled about this development which has boosted the company’s confidence to reach further heights.” he added.

Many leading brands of the country are evaluating IBSFINtech’s Innovative Product to effectively manage Treasury & Trade Finance operations at their organization. Recent additions to the list being Sonalika International Tractors Ltd and Himatsingka Seide Ltd. Implementation at Himatsingka Seide Ltd, the leading manufacturer and exporter of Textiles in India, is expected to be completed by end of this month. In FY 2016-17, IBSFINtech has successfully completed implementations at Indofil and NEFM and also won repeat orders from Future Group & Snapdeal.

The company is currently serving several customers across various industries such as Automotive, Chemicals, Media, Steel, Textiles, e-Commerce, Retail, Commodity, Diamond & Jewelry. Till now, the company has done 23 implementations, out of which 6 implementations are ongoing.

Discussing about the product, T M Manjunath, Technical Director – IBSFINtech, quoted, ” Our Treasury Management Solution is a comprehensive, integrated and real-time product. Most importantly it is sector-agnostic, having proven its mettle time and again with successful implementations at corporates across verticals.” He further adds proudly, “IBSFINtech Product portfolio is developed as an intuitive, innovative, comprehensive and customizable solution which can be deployed modularly OR as an end-to-end product with seamless interfacing with existing IT system. The Product suite is a holistic system that can handle multi Company, Locations, Asset-class, Dealers, Portfolio & Sub-portfolio and provides single-instance of truth about real-time exposure for its key stakeholders.”

The company has been in limelight recently for the recognition received at FinTech Valley Vizag – Spring Conference 2017, a flagship initiative of Andhra Pradesh Government to bring together industry, academia and investors to innovate, co-create and build the FinTech ecosystem in Vizag. IBSFINtech participated in ICICI Bank’s FINTECH CHALLENGE STARTUP 2017 – Banking Category and was rewarded with runners-up award. In December 2016, IBSFINtech was selected for the Thomson Reuters EIKON App Studio after winning the Thomson Reuters FinTech Challenge. Headquartered at Bengaluru, India, the company has its development center at Bengaluru and a customer support cum sales office at Mumbai, India. In its plans for expansions, IBSFINtech is already in the process of setting up an office in New Delhi, India. The company is receiving a lot of enquiries from overseas, especially the South East Asian Region, Middle East and USA. To support the demand from these regions, IBSFINtech plans to set up overseas offices in next few months.
IBSFINtech is actively discussing with several investors to secure Series-A funding of around USD 8-10 Million for scaling up of operations globally as well as to fuel the product related research & development.

Currently there is a huge void in the industry for integrated, comprehensive and intuitive TMS. IBSFINtech’s product portfolio caters to this niche void and offers solution which provides comprehensive and integrated Treasury Management solution covering Forex, Investments, Commodities and Trade Finance Management.

Working towards the sole vision, “To become the most trusted IT solution partner for Integrated Treasury and Risk Management, globally across Industries“, the company is investing resources in enhancement of current products, as well as launching new products.
The company intends to cater to vast SME segment through its I-ToC (Innovative Treasury on Cloud) Product. While talking about future product plans, T M Manjunath, Technical Director, IBSFINtech, said “We are aggressively working towards bringing out feature packed, full-fledged version of I-ToC, (IBSFINtech’s Innovative Treasury on Cloud) very soon. In addition, we are focusing on the device agnostic aspect of the product which will include the web and mobile versions of the solution.
Discussing about growth and demand of a TMS in the industry, C M Grover, mentioned, “We at IBSFINtech have observed tremendous growth in this segment in last few years. The number of clients coming onboard have tripled year on year and this has further strengthened our faith in the scope of IBSFINtech’s Innovative and Award Winning Products for the industry. Our Products’ have immense growth potential and ability to serve all medium to large corporates, financial institutions & Public Sector Undertakings. IBSFINtech reckons its potential, and is constantly investing resources to enhance product for offering contemporary solution and staying ahead in changing times.

Read coverage in Economic Times