ING Vysya Bank

ING Vysya Bank has chosen Credence Mercury Fx from Credence Analytics India Pvt Ltd to automate its end-to-end Retail Forex operations

ING Vysya Bank is setting up Retail forex exchange services (FES) business, with the aim of expanding its product suite to meet the needs of their customers. The decision comes close to heel of appointment of Mr. Sudarshan Motwani as Head of Foreign Exchange Services to spear head this initiative. ING Vysya Bank has a strong retail-banking network comprising of 483 branches and 364 ATMs across 347 cities.

The key criteria for ING while designing the product was to ensure the products were ‘easy to use’ for the customers. The bank selected Credence Mercury Fx, a browser-based, multi currency, real-time forex branch dealing software. This enables a structured communications and transaction among the treasury dealing room, trade finance operations and retail branches. The software is a complete solution which manages information dissemination, dynamic rate card publication, special rate negotiation, transaction management, profitability measurement and compliance. The inbuilt workflow and compliance module accelerates the ability to launch customized Pre paid cards aimed at niche segments, Travelers Cheques, Demand Drafts, Encashed Travelers Cheques and Outward Remittances. The intuitive front end user interface helps the branch staff service the customers better and faster.

Credence Mercury Fx also assists banks with day to day management of operations across managing volume of trades, spectrum of Instrument and currency types, continuously upgrade to address the regulatory norms and dynamic customer requirement.

Mr. Sudarshan Motwani, Head Foreign Exchange Business commented “We have very ambitious plans for our business growth, our aim is to be the one stop shop for our clients for all their retail foreign exchange banking needs. Credence Mercury Fx solution provides us a strong backbone to deliver customized products in a fast and efficient manner.”

Mr. Aniruddha Paul, Head – Change Delivery at ING Vysya bank stated, “Credence Mercury Fx was selected after an extensive evaluation and proved to be the most functionally rich platform with an ability to deliver end to end operational support for our new Foreign Exchange Services (FES) business”.

Mr. M.R.Rajesh, Associate Director, Credence Analytics stated, “ We are delighted to welcome ING Vysya Bank to our increasing base of clients for Credence Mercury Fx online dealing platform. We hope to implement the project with a tight deadline to enable ING Vysya Bank launch the business soonest.”

ING Vysya Bank Ltd. is a premier private sector bank with retail, private and wholesale banking platforms that serve over 1.5 million customers. With over 75 years of history in India and leveraging ING's global financial expertise, a workforce of more than 5,500 employees leverage 638 outlets to offer their clients an increasingly broad range of innovative and established products and services.

ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce in excess of 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.

About Credence Analytics (India) Private Limited

Credence Analytics (www.credenceanalytics.com), founded in 1993, offers highly specialised software solutions focused at integrated treasury, online dealing, investment management, wealth management and market risk management.

Credence Analytics has over 75 BFSI Treasury clients across 6 countries in South Asia and MEA region supported by a dedicated team of 125 domain specialists.

Credence Analytics delivers award-winning iDeal suite of integrated treasury and market risk management solutions that have been recognized for industry-leading innovation and domain expertise.



	Thursday, 02 September 2010 ING Vysya Bank has chosen Credence Mercury Fx from Credence Analytics India Pvt Ltd to automate its end-to-end Retail Forex operations ING Vysya Bank is setting up Retail forex exchange services (FES) business, with the aim of expanding its product suite to meet the needs of their customers. The decision comes close to heel of appointment of Mr. Sudarshan Motwani as Head of Foreign Exchange Services to spear head this initiative. ING Vysya Bank has a strong retail-banking network comprising of 483 branches and 364 ATMs across 347 cities. The key criteria for ING while designing the product was to ensure the products were ‘easy to use’ for the customers. The bank selected Credence Mercury Fx, a browser-based, multi currency, real-time forex branch dealing software. This enables a structured communications and transaction among the treasury dealing room, trade finance operations and retail branches. The software is a complete solution which manages information dissemination, dynamic rate card publication, special rate negotiation, transaction management, profitability measurement and compliance. The inbuilt workflow and compliance module accelerates the ability to launch customized Pre paid cards aimed at niche segments, Travelers Cheques, Demand Drafts, Encashed Travelers Cheques and Outward Remittances. The intuitive front end user interface helps the branch staff service the customers better and faster. Credence Mercury Fx also assists banks with day to day management of operations across managing volume of trades, spectrum of Instrument and currency types, continuously upgrade to address the regulatory norms and dynamic customer requirement. Mr. Sudarshan Motwani, Head Foreign Exchange Business commented “We have very ambitious plans for our business growth, our aim is to be the one stop shop for our clients for all their retail foreign exchange banking needs. Credence Mercury Fx solution provides us a strong backbone to deliver customized products in a fast and efficient manner.” Mr. Aniruddha Paul, Head – Change Delivery at ING Vysya bank stated, “Credence Mercury Fx was selected after an extensive evaluation and proved to be the most functionally rich platform with an ability to deliver end to end operational support for our new Foreign Exchange Services (FES) business”. Mr. M.R.Rajesh, Associate Director, Credence Analytics stated, “ We are delighted to welcome ING Vysya Bank to our increasing base of clients for Credence Mercury Fx online dealing platform. We hope to implement the project with a tight deadline to enable ING Vysya Bank launch the business soonest.” About ING Vysya Bank ING Vysya Bank Ltd. is a premier private sector bank with retail, private and wholesale banking platforms that serve over 1.5 million customers. With over 75 years of history in India and leveraging ING's global financial expertise, a workforce of more than 5,500 employees leverage 638 outlets to offer their clients an increasingly broad range of innovative and established products and services. ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in more than 50 countries. With a diverse workforce in excess of 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand. About Credence Analytics (India) Private Limited Credence Analytics (www.credenceanalytics.com), founded in 1993, offers highly specialised software solutions focused at integrated treasury, online dealing, investment management, wealth management and market risk management. Credence Analytics has over 75 BFSI Treasury clients across 6 countries in South Asia and MEA region supported by a dedicated team of 125 domain specialists. Credence Analytics delivers award-winning iDeal suite of integrated treasury and market risk management solutions that have been recognized for industry-leading innovation and domain expertise. Credence Analytics (I) Pvt. Ltd. 301, Tower 3, Palm spring, Next to D'Mart, New Link Road, Malad (West), Mumbai - 400064. INDIA Tel.: +91-22- 40611000 Fax: +91-22- 40611000 E-mail: marketing@credenceanalytics.com