South Indian Bank goes live with FSCM solution from Aurionpro

Aurionpro Solutions Ltd (NSE: AURIONPRO) (BSE: 532668) today announced that South Indian Bank (SIB) has gone live with Aurionpro comprehensive financial supply chain management solution (FSCM). The web-based solution will offer Bank’s Corporate Customers, Vendors, and Dealers an end-to-end supply chain solution with Channel Financing which would enable shorter Time-To-Market for South Indian Bank. The solution facilitates low-value and high volume trade, with efficient and rapid exchange of documents between entities with option to reconcile payments and bill discounting/ invoice financing services on multiple invoices in a programmed fashion.

South Indian Bank wanted to enhance their service offering to corporate customers by providing Supply Chain Finance platform to their dealers and suppliers with an end-to-end Financing solution, along with complete Straight Through Processing (STP).

Aurionpro’s FSCM solution helps corporate customers to track, monitor, and manage their financial supply chain through end-to-end customized workflows and continuous information reporting capabilities.

The automation of the supply chain process at SIB will significantly reduce the time and cost associated with manual processes while increasing STP and improving the efficiency and scalability of operations. Another important benefit for the bank will be the bulk approach of new clients with potential not only for further financing business with a wider spectrum of debtors but also for cross-integration with other banking departments.

Commenting on the implementation, Mr.Raphael T J, SGM & CIO, SIB said: “At SIB, we want to provide best-in-class products and services to our customers. The implementation of Aurionpro Financial Supply Chain Management solution covering e-VFS (Electronic Vendor Finance Solution) and e-DFS (Electronic Dealer Finance Solution) would enable electronic mode of vendor and dealer financing as part of on-boarding the corporate customer along with their vendors/dealers within the overall limits sanctioned. We appreciate the efforts of M/s Aurionpro in implementing the solution within the timelines stipulated by the bank.”

Shekhar Mullatti, Global Head – Banking, Aurionpro, said: “We believe that technology is the key to accelerate transformation. Our FSCM is an end to end solution for Supplier Financing, Dealer Financing, Electronic Invoice Presentment and Payment & Factoring. The platform enables the corporate customers of South Indian Bank to exchange the information electronically and improve the efficiency in billing cycles. Supporting the vision of the bank towards transaction banking practices, this implementation enables them to move closer to their vision providing them with a competitive service edge and faster go-to-market.”

For further information, and or clarification kindly contact:

Arun Prasad
Aurionpro
arun.prasad@aurionpro.com