Snapdeal implements IBSFINtech’s treasury solution
Aakash Moondhra, CFO of Snapdeal, commented on the development, “Timely and 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.”
TM Manjunath, Director of Technical Services at IBSFINtech, highlighted key aspects of the solution, “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 and redemption slip, and calculation of Interest, Gain/Loss etc. It enables access to all MIS reports in real-time. I would like to congratulate key stakeholders at Snapdeal and IBSFINtech for achieving the shortest possible implementation time for enabling this solution at Snapdeal.”
The solution was installed and made operational over a period of two months, while the competing products often take more than six months to implement such a treasury solution of this nature.
CM Grover, Executive Director of IBSFINtech, expressed his enthusiasm, “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, which serves both public sector undertakings and private sector companies, has many large clients, with The Times Group (also referred to as Bennett, Coleman & Co. Ltd.) being among them.
Commenting on the role of treasury software in the foreign exchange market, Grover added, “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 India Pvt. Ltd is a Bangalore based organization that specializes in providing niche products in the area of Forex, Treasury and Trade Finance for the corporate sector. Its corporate office is situated in Bangalore and its branch office is located in Mumbai.