I am a big advocate of the Make-in-India initiative. I see it as a progressive step to nurture indigenous talent and a big boost to the budding start-ups that go on to become unicorns. So my today’s focus will be on one such company that demonstrates what Make-in-India can accomplish.
IBSFINech – a Make-in-India business founded by ex-banker turned entrepreneurs. While working at India’s largest public-sector bank, they recognised a market gap and found a need for a reliable solution to fill this space. Thus IBSFINtech was born. Since its inception in 2006, the company has been at the forefront of treasury management and continues to reign supreme as an undisputed leader in TMS.
The IBSFINTech journey has been one that is dotted with significant milestones. I told you before, but telling you now again! The company has a wealth of experience in both finance and technology, enabling it to experience unprecedented growth. The company landed its first biggest client- one of the largest media houses in the country in 2013. Today, more than 50 of the country’s biggest companies have chosen its platform to harness the benefits of digitising their corporate finance functions.
The Challenge and the Solution
I don’t have to tell you this, but Treasury systems are always a significant part of any business. But ask any CXO, and they’ll tell you how challenging it can be to manage them. This is especially true if outdated methods like spreadsheets and legacy systems are used to run treasury operations. These manual methods are error-prone and can often lead to mistakes and confusion. In addition, these systems may not capture the price movements in currency markets, derivatives, and bond trading. Due to this, financial assessments of companies can be compromised, ultimately leading to significant financial losses.
This is the area where IBSFINtech has been engaged since it was established. The company offers highly scalable and customisable decision support systems that help customers manage risk, comply with regulations, and comply with other audit protocols. With such bespoke services that leverage artificial intelligence and other cutting-edge analytics tools, the company has carved a niche for itself as the only solution that helps organisations gain greater visibility and control of their operations, thereby helping them mitigate risks and maximise operational efficiency.
I have to underscore the importance of such services here. During the pandemic, companies across the globe were quick to adopt digital solutions. But with the digitisation of processes and systems, most CXOs were left to deal with the risks of cyber attacks, data breaches, data inconsistencies, compliance with regulatory requirements, information transparency and much much more. This is where IBSFINtech’s solutions play a catalytic role in automating the critical functions of risk management, treasury management and trade finance, making them efficient and productive.
Let us now take a deeper look at the solutions that the company offers.
Leveraging Technology to Drive Digitization
If you had followed the financial markets, you would have recognised the volatility of the markets worldwide. I have seen that most CXOs have to deal with an insecure and uncertain future. Given this background, IBSFINtech’s comprehensive solutions cover the entire spectrum of corporate finance, including but not limited to TRTFM – Treasury, Risk and trade finance management, liquidity, investment/asset management and more.
The product portfolio includes two solution modules – Innovative Treasury 6i and Innovative Trade Finance 6i include specific modules for different functions. I.e. the Treasury solutions have dedicated modules for commodity, currency and money market functions, while the trade finance solution exclusively deals with Market borrowings & cash management, import/export and Banking management systems.
Their USP is a holistic solution that caters to multi-currency, multi-asset class, multi-location and multi-business requirements.
Reaffirming the Market Position
Even though the company continues to dominate the treasure management market, it is also on a consistent growth trajectory.
Just recently, my attention was drawn to the company’s announcement of its partnership with KPMG, doubling down its operations. This was also seen as a revolutionary step to digitise treasury operations for corporates. Additionally, the company also went into a deal with the YES bank in an attempt to equip the corporate treasuries with automated process workflows and a reliable decision-support toolset that’s complimented by seamless banking connectivity.
Not just that, the company was reported as mulling an overseas expansion primarily to ASEAN and MEA markets and also looking to set up a subsidiary base in Singapore. Earlier this year, in an effort to go global, the company partnered with Oracle, where the latter’s ERP consumers will benefit from IBSFINtech’s treasury management technology.
The last year has been a whirlwind of awards and accomplishments for the company, with multiple honours for the team’s noteworthy achievements in Treasury Management. Late last year, IBSFINtech bagged the coveted Corporate Treasurer Award -2021 for its comprehensive risk management solution.
At Quantic India’s CX Excellence Awards earlier this year, the company was also awarded the “Most Innovative Technology Initiative – Fintech” award.
IBSFINTech exemplifies how leadership, teamwork, strategic focus and a never-ending drive for innovation can help shape an organisation’s growth.
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