The Hindu Business Line : Indonesian bank adopts CashTech's new platform

AIMED at tapping the growing demand from the Indian and foreign banks for cash management solutions, CashTech Solutions India Pvt Ltd, a premier cash management solutions provider, has announced the launch of its next generation cash management platform.

Addressing a news conference here on Thursday, the CashTech Director, Mr Raj Subramaniam, said Bank of Rakyat Indonesia (BRI) would be the first bank to implement CashTech's advanced suite of products. He was in the city for a three-day workshop on `Cash Management Services', being jointly organised by CashTech and Administrative Staff College of India (ASCI).

According to Mr Subramaniam, `TransactCashIn' was Web-based payments, liquidity management and account management module. He said the partnership with Bank Rakyat Indonesia was a significant milestone for the company.

On the trends in the technology-savvy banking sector, Mr Raj said there had been a focus on seamlessly linking banks, corporates and transaction settlement systems and networking of branches with the help of banking solutions over the last few years. Stiff competition faced by the public sector banks from private sector counterparts was forcing them to increase their IT spends. Mr Subramaniam said the company's sales strategy in India was to help banks with sector-specific solutions for the government and corporate sectors.

With a focus on customer satisfaction and retention, the company saw an increase in repeat sales from existing customers in addition to acquiring new accounts. At present, the company has 45 installations, nearly 30 of them overseas.

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