Future Retail Chooses IBSFINtech To Manage Trade Finance

by CXOtoday News Desk    Jul 13, 2015

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Future Retail Ltd, one of India’s leading retailer has selected IBSFINtech’s Innovative Trade Finance solution for effective management of group’s banking activities. The product was finalized after a number of live demonstrations and due diligence of the software solution, the company said in a statement. 

Future Retail’s parent company Future Group is known for its up-to-date technology adoption and has always implemented best technology solutions available in the market. In a bid to  latest technology in place for their Trade Finance operations at Mumbai; IBSFINtech, had a series of discussions followed by demonstration of both Treasury and Trade Finance suite of products. 

Dinesh Maheshwari, CFO, at Future Retail Limited, commented, “IBSFINtech offered us a holistic and integrated solution for managing Future Group’s Trade Finance activities. We intend to use their solution to completely automate banking activities to handle imports, Letters of Credit, Buyers Credit, Bills discounting, related Documentation and Reconciliation. I am confident their solution will enhance the efficiency of our Treasury with seamless integration with our existing ERP - SAP.”

T.M. Manjunath, Director – Technical Services at IBSFINtech, commented about key highlights of the solution, “The solution generates detailed information on purchase orders both domestic as well as Imports, manage Letters of Credit, Bill Realization, buyer’s credit, generation of various documents and managing bank details. It also integrates with existing SAP solution seamlessly to transmit purchase information on real-time basis.”

IBSFINtech was recently in news for successful implementation of their Treasury Solution at Snapdeal, India’s leading online retailer. The company has a record of successful corporate treasury implementations at Times Group, Viraj Profiles among others.

Stressing upon importance of treasury software in today’s volatile foreign exchange market, 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.

The Bangalore-based startup is also offering treasury solution on cloud which would go a long way in assisting prospective clients in MSME & SME segment, to manage market risks by a great extent with a nominal investment.