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ObjectFrontier has launched it’s Instant Message
Based Foreign Exchange Work Flow Engine in collaboration
with Indian Overseas Bank who were very much willing
to provide much needed minute business details which
any other IM based solution clearly lags. ObjectFrontier
Solution is an IM based inter-branch communication,
information and transaction exchange and reporting
software for the corporate forex trade business
in banks. ObjectFrontier Solution being a web-based,
it adds huge convenience in rolling out to the branches
and eliminates the huge infrastructure and recurring
maintenance costs at every branch.
ObjectFrontier has bagged the first mandate for
its solution from Indian Overseas Bank, a leading
public sector bank. The bank with its head office
at Chennai and having centralized forex operations
(both front office and back office) has a very
active merchant forex business. Each day the dealers
manage large volumes of forex business from various
branches across the length and breadth of the
country. These branches are connected to the head
office via leased lines or V-SATs. The majority
of the forex transactions are handled through
the in-house web-site/web-based products of the
bank and online merchant positions are maintained
at the centralized treasury solution at the head
office. The bank was on the lookout for a web-based
solution for enhancing the merchant forex functionalities
for true real-time management of forex treasury,
IOB was very keen on reducing the recurring maintenance
cost at the branch level.
Mr. Alagappan, GM, Forex Division states “The
design both business as well as the technology
of ObjectFrontier solution is what exactly we
were looking for and the solution has been named
as “FETREM” and put to business use
in IOB. Especially, we were very particular about
a real-time web-based solution, which would work
on the bank's network to help in our merchant
trade operations. This would also allow us to
offer better client servicing across all our branch
locations and would eliminate other huge infrastructure
software investment expenditure in the branches
and the huge recurring maintenance at the branches.
ObjectFrontier Solution was chosen mainly because
it was meeting our entire requirement and most
importantly it’s ability to drastically
reduce our time-to-market. FETREM has been successfully
rolled out to all the branches in a record one
day. It helps in our online rate negotiations,
deal reporting, SWIFT message broadcasting, and
reconciliation, MIS reporting and interfacing
with the HO treasury solution for online merchant
position. The solution is highly secure and very
much user-friendly; it covers all the business
aspects with an excellent user management Options.
We are looking to extend it to other similar business
processes within our bank, he further added.”
Our Solution will set a new example in making
Enterprise Instant Messaging to business use in
treasuries and other areas in banking. The storing
of deal negotiation between dealer and corporate
desk helps future auditing. While the solution
enables Straight Through Processing (STP) and
completes the workflow process of the corporate
desk at Head Office, Back office and category
B branches of the Bank. “It is a very comprehensive
solution where reporting helps makes business
decisions faster and deal negotiations are very
transparent with deal chat info getting recorded
for future auditing purposes” said Mr. Patrick,
Vice-President & Head, Banking Solutions,
at ObjectFrontier.
ObjectFrontier is a infrastructure product company
with the financial and banking clients all over
the world like ABN Amro, Wells Fargo, Bank’s
First, Credit Suisse, British Petroleum etc.,
and partnering with Oracle, Sun & IBM etc.,
Indian Overseas Bank (IOB) and Cholamandalam Finance
is our Banking & Financial Clients in India.
ObjectFrontier has more than 60 clients all over
the world most of them are Banking Financial Clients.
Indian Overseas Bank is one of the leading Nationalized
Banks close to 1500 plus Indian branches and 6
overseas Branches. All the Branches of the Bank
are computerized with 800 Branches under Total
Branch Automation (including 500 under ABB). The
Bank has more than 200 ATMs and is offering Internet
Banking services with their eSee Banking.
For more information Please Contact:
Patrick. V
Vice President & Head, Banking Solution
ObjectFrontier Software (P) Ltd.,
7, I floor, Wellingdon Estate,
Ethiraj Salai, Egmore
Chennai 600 105, India
Patrickv@object-frontier.com
Mobile: 098401 03327
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