Kotak Bank implements global transaction solution

BANGALORE: India's Kotak Mahindra Bank has implemnted Global CASHplus' Collections and Payments modules from Fundtech Ltd., a provider of global transaction banking solutions. Kotak's corporate clients will now have access to advanced cash flow planning and working capital optimization applications, according to a press release.

The Global CASHplus modules will help Kotak Bank to centralize its payments and collections processing for its corporate customers, including salary payments, invoice payments, dividend and warrant payments. The new system will offer enhancements to many of the bank's collections services, including guaranteed arrangements, cheque collections, post-dated cheque collections, correspondent bank management, and others. Corporate clients will use a web-enabled interface that integrates all services into a single window.

Vikram Sud, chief operating officer, Kotak Mahindra group, said, "Kotak Mahindra Bank is positioned to provide a best-in-breed technology offering to its customers, providing them with a key competitive edge. We selected Fundtech's Global CASHplus product because it provides both a comprehensive platform for payments and collections, as well as innovative financial supply chain functionality that will help our clients gain greater visibility into their working capital needs."

According to Sanjay Dalmia, managing director, Fundtech India Ltd, "We are delighted to partner with Kotak Mahindra Bank in their strategy to provide their clients with a comprehensive transaction banking platform. Global CASHplus offers an easy-to-use, yet sophisticated suite of financial tools to manage all aspects of corporate electronic banking and financial supply chain transactions."