Declared the best entry for Best Data Analytics Project At IDBI Bank And Best Corporate Payments Implementation At HDFC Bank for the APAC and Middle East regions
News Facts
- Oracle bagged two awards at the Asian Banker Technology Implementation Awards 2011 held recently in Hong Kong.
- Running into the fifth year and administered by The Asian Banker, the awards are the most prestigious of its kind and recognized by prominent global bankers, consultants and academics.
- Over 50 financial institutions from 15 countries across the Asia Pacific, Gulf region and Central Asia were evaluated as part of the Technology Implementation Awards Programme 2011.
- Oracle bagged the ‘Best Data and Analytics Project Award’ for the deployment of ‘Oracle Financial Services Asset Liability Management’ and ‘Oracle Hyperion Planning’ at IDBI Bank. This solution enabled IDBI Bank to measure and analyze interest and liquidity risks, integrate its performance framework, conduct faster and robust scenario analysis, and produce earnings reports at a faster time than before. Oracle Consulting played a crucial role in the entire implementation.
- Oracle also won the ‘Best Corporate Payments Implementation Award’ using Oracle Financial Services’ straight-through-processing (STP) payments engine for HDFC Bank’s corporate transaction clients to facilitate seamless and instant processing of Real Time Gross Settlement (RTGS) payment instructions. This allowed HDFC Bank to automate processing transactions, giving the bank a competitive advantage with shorter turn-around time for processing and less dependency on off-line modes for payment status update and related customer query handling.
Supporting Quotes
- “We had previous experience of working with Oracle Consulting and their demonstrated knowledge and skills convinced us that we should engage them again for this project,” said IswarPradhan, General Manager, Balance Sheet Management Group, IDBI Bank. “Oracle Financial Services Asset Liability Management and Oracle Hyperion Planning have upgraded our asset liability management and planning process, allowing us to better control risks and improve profitability. We are very happy to receive this award.”
- "With globalisation of the financial sector, it is necessary to have systems in place to minimize the risk and RTGS has played a very crucial role in enabling this," said Anil Jaggia, CIO, HDFC Bank. "With software from Oracle Financial Services, our interbank and intercity collections and payments have become much faster, cheaper and sans risk of transit loss. Infact, we processed over 71,000 transactions on RTGS gateway, which is significant. We are delighted that Oracle and HDFC Bank have won the award for this.”
- “It is an honour to receive this recognition,” said Sandeep Mathur, Managing Director, Oracle India. “Banks around the world and in India rely on Oracle to help them streamline business processes, meet increasing regulatory compliance demands, and improve cost efficiency, while providing greater value to customers”.
- “IDBI Bank has been at the forefront of leveraging Information Technology to extend better service and products to its customers and other stakeholders,” said Gopal Chawla, Senior Director, Oracle Consulting, Oracle India. “It has been a delightful experience for us to implement Oracle’s financial risk and data analytics applications at one of India’s leading commercial banks. These solutions are appropriate for a fast growing organisation like IDBI Bank. In addition, the integration capabilities of our solutions can enable their business critical applications to work together and help the bank attain its business goals.”
Supporting Resources
- The new Oracle Financial Services Blog
- Follow Oracle Financial Services on Twitter
- Join the Oracle Financial Services Community on Facebook
- Oracle in Financial Services
About The Asian Banker
The Asian Banker is the foremost provider of strategic business intelligence on the financial services industry in the Asia Pacific and Middle East regions. The organization has offices in Singapore, Kuala Lumpur, Beijing and Dubai as well as representatives in Shanghai, London and New York. With a business that revolves around publications, research services, training and forums, the organization is highly regarded in the financial services community for its incisive and independent commentaries on developments in the industry. The company’s website is www.theasianbanker.com.
About Oracle Financial Services Software Ltd.
Oracle Financial Services Software Limited (referred to as "Oracle Financial Services Software") (Reuters: ORCL.BO & ORCL.NS) is a world leader in providing products and services to the financial services industry and is a majority owned subsidiary of Oracle Corporation. Oracle (NASDAQ: ORCL) is the world's most complete, open, and integrated business software and hardware systems company. For more information, visit www.oracle.com/financialservices.
About Oracle
Oracle (NASDAQ: ORCL) is the world's most complete, open, and integrated business software and hardware systems company. For more information about Oracle, please visit our Web site at http://www.oracle.com.
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