India – January, 27 2018
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.”
About South Indian Bank
South Indian Bank Limited (SIB) is 89 year old private sector bank headquartered at Thrissur in Kerala with diversified business mix. It was the first Kerala based bank to implement Core Banking Solution. Mr. V G Mathew joined South Indian Bank in January, 2014 as Executive Vice president and was appointed as MD & CEO in October, 2014. The bank is now focused on Retail & MSME Business with the help of 851 Branches, 52 extension counters and 1,312 ATM network across India as on 30th September, 2017.
Aurionpro Solutions (NSE: AURIONPRO) (BSE: 532668) is a global technology solutions leader that helps enterprises accelerate their digital innovation, securely and efficiently. It combines core domain expertise, thought leadership in innovation, security and leverages industry leading IP to deliver tangible business results for global corporations. Employing more than 1,200 domain and technology experts across North America, Asia and Europe, Aurionpro caters to a host of clients across BFSI, Telecom and Logistics industry.
For more information, visit www.aurionpro.com