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Indian Overseas Bank deploys work flow engine

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CIOL Bureau
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NEW DELHI: ObjectFrontier has launched instant message based foreign exchange work flow engine in collaboration with Indian Overseas Bank. The product is an IM based inter-branch communication, information and transaction exchange and reporting software for the corporate forex trade business in banks. ObjectFrontier has bagged the mandate for its solution from Indian Overseas Bank, a public sector bank.

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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. 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 also very keen on reducing the recurring maintenance cost at the branch level.

Indian Overseas Bank forex division GM Alagappan said, “The technology of ObjectFrontier solution is exactly what we had in mind and the solution has been named as “FETREM” and put to business use in IOB. 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.

He added, “FETREM has been successfully rolled out to all the branches in a record one day and 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 extremely 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.”

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