CashTech lines up more launches

Cash management solutions firm CashTech Solutions is planning to introduce products developed by its parent company, the US-based FundTech, in the Asian region.

The strategy includes introducing FundTech's payment gateway solution, Global Pay Plus, to banks in Asia-Pacific, to be followed by introduction of other products.

Arun Kini, CashTech's head of business development, said that the company is already in talks with its existing clients in Asia-Pacific and hopes to close the first deal "in a short time". Kini said FundTech's products will further enhance CashTech's position in the Asian region, which has been a key area for the company.

CashTech has also announced a deal with TMB Bank of Thailand to implement TransactCashIn, the company's cutting edge product to provide services in the areas of collections, receivables and liquidity management. TMB is Thailand's fifth largest bank with 426 branches and an asset base of 700,000 million baht.

TransactCashIn will enable the bank to attract new clients and gain more patronage from existing ones. TransactCashIn Collections enables banks to offer better cash flow planning and optimal utilisation of funds for their corporate customers.

Aimed at providing benefits to both - the bank and its customers, TransactCashIn Liquidity Management Module can execute priority-based instructions, control fund movements across accounts with differential interest rates, compute interest earnings and allocate earnings loss to participating accounts.

Kini said the solution will be fully implemented nearly in eight months. He, however, did not disclose the size of the deal.

Kini said, "Thailand, being one of the key markets in the Asia-Pacific Region, has been instrumental in contributing to our company's revenues significantly. We already have a strong presence in this region and our partnership with an important customer such as TMB Bank, will enable us further strengthen our roots here."

CashTech, at present, has as client major Thai banks including Kafikorn Bank, which is the third largest bank there and Bank of Ayudhya. Besides United Bank of Singapore, ABN Amro and Deutsche Bank use CashTech's cash management solutions at their branches in Thailand.

"This deal will push up the customer confidence we enjoy in Thailand and we hope to get our clients implement more modules," Kini said.