The challenge

The entire operations were being managed manually before the automation process was initiated.

Being a manual process with limited resources at hand, it was a time-consuming activity for the organisation’s treasury team. Most of their time was spent completing transactional activities while the focus was required on strategic decision-making. Moreover, owing to the size of the treasury portfolio, it was very difficult and inefficient to manage treasury via spreadsheets. Manual activities exposed the entire function to indefinite risk, without any controls. This created numerous other challenges for treasury, and it was decided to automate the end-to-end operations.

Key objectives were:

• Accurate cash flow planning and investment decisions.
• Consolidation of data from multiple sources within the organisation as well as from external sources.
• Recording of all transactions in integrated mode across different business units.
• Auto alerts and auto calculation for various due dates/charges etc.
• Auto accounting of all treasury business transactions.
• Ease in usage and increase people efficiency.
• Obtain timely and accurate MIS.
• Seamless integration with banks.

“We required a solution to manage our treasury, including investments, FX risk and cashflow and liquidity,” recalls Kumar Ayashkanta, Chief Investment Officer & Head – Global Corporate Treasury.

The solution

Wipro selected IBSFINtech’s treasury, risk and trade finance management solution which is a comprehensive risk management platform for enterprises worldwide. A comprehensive, integrated and innovative solution that enables Wipro to enhance visibility, improve control, mitigate operational risk, drive automation, optimise business efficiency and ensure business continuity. The solution is an ‘all in one’ product, covering multi-asset class, multi-currency, multi-location and multi-company. The platform empowers Wipro to manage compliance, financial and operational risks in a single solution.

Best practice and innovation

With the innovations of APIs and open banking, it is imperative to make application more seamlessly connected and with proven capability, the solution has enabled STP between ERPs and banks a reality. In this implementation, the platform will enable the end-to-end integration between the largest private sector bank in India and Wipro Enterprises to provide cash flow balances, fund transfer capabilities and so on right from the IBSFINtech system. The communication with be two-way and will also enable posting accounting entries into Wipro’s ERP.

Key benefits

• Cost savings.
• Headcount savings.
• Process efficiencies.
• Increased automation.
• Risk mitigated.
• Improved visibility.
• Errors reduced.
• Manual intervention reduced.
• Increased system connectivity.
• Future proof solution.
• Exceptional implementation (budget/time).
• Quality accreditation achieved.

Ayashkanta says, “Chief Investment Officer and Head- Global Corporate Treasury says “We were looking for a suitable treasury management solution to automate our treasury operations. We wanted to move beyond spreadsheet operations, manual management and deploy a dedicated solution. We evaluated the solutions available in the market and IBSFINtech, being a highly configurable and a comprehensive solution for treasury management, suited our requirements.”

He further adds, “We are glad that we conceptualised this unique proposition bringing together India’s most technologically advanced bank and IBSFINtech to integrate and enable end-to-end connectivity for our treasury function. Being a unique proposition, it was facilitated well by the key stakeholders.”