Snapdeal goes live on IBSFINtech’s Innovative Treasury Solution

April 15th, 2015

Snapdeal, India’s leading online retailer, implemented IBSFINtech’s Innovative Treasury solution on ERP for managing treasury

Mumbai/Delhi, April 09, 2015 – IBSFINtech, the leading provider of niche financial software for Forex, Treasury and Trade Finance management, has announced today that, Snapdeal, India’s leading online retailer has gone live on IBSFINtech’s Innovative Treasury solution.

Snapdeal’s CFO Aakash Moondhra comments, “Timely & successful implementation of Innovative Treasury solution at Snapdeal confirms our decision to select IBSFINtech was indeed the right one, not only for the holistic and integrated solution implemented but also for the commendable enthusiasm exhibited by the IBSFINtech’s expert team. I am glad we chose this young and dynamic company.”

Highlighting key aspects of the solution implemented Mr. T.M. Manjunath, Director – Technical Services, IBSFINtech, says “The solution integrates and automates the processes involved from recording transactions to making accounting entries. This enhances the efficiency of the overall execution system and substantially improves the processing as well as reconciliation time. The solution also 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.” He further adds, “I would like to congratulate key stakeholders at Snapdeal & IBSFINtech for achieving the shortest possible implementation time for enabling this solution at Snapdeal.”

The solution was installed and made operational in record 2-months time while the competing products take more than 6 months to implement such an exhaustive treasury solution.

Mr. C M Grover, Executive Director – IBSFINtech, comments, “We are excited to announce successful implementation of Innovative Treasury Solution at Snapdeal. We were thrilled at this opportunity and were confident from the beginning that our solution will help Snapdeal achieve their treasury objectives. We are sure Snapdeal and IBSFINtech will go a long way together. ”

IBSFINtech boasts of many big client implementations; The Times Group (also referred to as Bennett, Coleman & Co. Ltd.) largest media house of India, being one of them.

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.

IBSFINtech 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.

IBSFINtech India Pvt. Ltd is a Bangalore based organization specializing in providing niche products in the area of Forex & Treasury and Trade Finance for corporate sector. IBSFINtech has a suite of products for treasury operation such as currency, money, commodity, gold bullion trading and derivatives of vanilla and exotic types. The products are seamlessly integrated with each and also with ERP solution of SAP, Oracle financial etc. The company has Trade Finance solution catering exporters/importers dealing in diamonds, gold, cashew nuts, Steel and garments etc., Group has dedicated technical as well as domain experts. IBSFINtech has it corporate office in Bangalore with a branch office at Mumbai with necessary infrastructure

 

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