Snapdeal reaffirms trust on IBSFINtech Treasury Management Solution

Snapdeal reaffirms trust on IBSFINtech Treasury Management Solution

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Bengaluru/Mumbai/Delhi, September 22nd, 2016 – IBSFINtech, the leading provider of niche financial software for Forex, Treasury and Trade Finance management, has announced today that, Snapdeal, India’s largest e-commerce marketplace has continued their engagement and reposed trust in IBSFINtech as their IT Solution partner for Treasury & Risk Management.
This new project was implemented in record period of 30 days and went live on September 12th, 2016.

IBSFINtech was awarded with the first project in March 2015, to efficiently manage treasury operations at Snapdeal. IBSFINtech was selected after an extensive and thorough shortlisting process. This time, Snapdeal required a trusted and capable solution partner to facilitate efficient financial operations management and risk management at its recent acquisitions of Freecharge, Vulcan Express. Having proven their capabilities in the first project, IBSFINtech proved to be a strong candidate when new opportunities arose in the company.

Excited about winning another project from the online retail leader, C M Grover, Executive Director – IBSFINtech, commented, “We would like to thank Snapdeal and all our clients for exhibiting tremendous trust in our product and our capabilities. We are sure Snapdeal and IBSFINtech will go a long way together.” He further adds, “I feel proud to share that we implemented this project in record time of less than a month.”

Highlighting key aspects of the project, T.M. Manjunath, Director – Technical Services, IBSFINtech, says “The solution provides an integrated solution for the top management to view critical data across multiple companies in the portfolio. It integrates and automates the processes involved from recording transactions to making accounting entries. It enhances the efficiency of the overall execution system and substantially improve the processing as well as reconciliation time. The solution facilitates automation of reminders, printing of purchase slips & redemption slip, and calculation of Interest, Gain/Loss etc. It enables access to all MIS reports in real-time.”

When asked about his vision for the company, C M Grover, stated, “Our vision is to become the most trusted IT solution partner for Treasury and Risk Management, globally across Industries.”

IBSFINtech boasts of adding clients such as Indofil, NEFM, Future Group to its kitty of prestigious clients in last one year.

Talking about importance of treasury software in today’s volatile foreign exchange market, Mr. C M Grover, stated, “A reliable and robust treasury software system is need of the hour for every corporate, be it large, medium or small. Existing methods of excel sheets have become obsolete in ensuring real-time critical decision making which is otherwise an automated process in IBSFINtech’s treasury software.”

IBSFINtech product being “Make-In-India” aligns with Prime Minister Narendra Modi’s vision and serves Public Sector Undertakings as well as private sector companies struggling with effective management of treasury operations. Considering this volatile foreign exchange market, a robust software solution will help companies to save money as well as mitigate the risk.