IBSFINtech has announced it is working with Oracle to accelerate the digital transformation journey of its customers around the world, with Oracle Fusion Cloud Enterprise Resource Planning (ERP) and IBSFINtech’s treasury management solution, TMS InTReaX. IBSFINtech also announced they have migrated TMS InTReaX to Oracle Cloud Infrastructure, to offer its treasury management solutions, as a cloud service to businesses globally.
Transitioning to become a SaaS company, IBSFINtech is migrating their entire on-premise solution to the cloud. The recent launch of two new products: SaaS TMS InTReaX and SaaS Supply Chain Finance platform, VNDZY are initial steps in this direction.
IBSFINtech selected Oracle Cloud Infrastructure (OCI) to host its robust SaaS TMS InTReaX because of OCI’s deep and broad platform of public cloud service capabilities. OCI enables IBSFINtech to build and run a wide range of applications in a scalable, secure, highly available and high-performance environment. The pandemic has led to a surge in digital adoption among corporate functions. CXOs have realized the value of end-to-end digitization, and are turning to ERP & TRM solution providers to ensure critical process automation since it enables transparency, visibility and business continuity.
Sunil Toshniwal, DGM – Treasury & Family Office, Sonalika Group (International Tractors Limited) comments, “We have been using IBSFINtech’s Investment Module for a few years and now we have selected IBSFINtech’s SaaS TMS InTReaX™ for end-to-end automation of our cashflow and forex operations. In our selection process, we found the solution to be highly robust and functionally-rich for our requirements. Another important selection criteria was security and it is also suitably addressed as the solution is hosted on OCI (Oracle Cloud Infrastructure) which is one of the most secure and globally acknowledged cloud infrastructure platforms. Also, the solution comes bundled with Refinitiv’s Eikon and DSS feed which provides a holistic platform for our risk management function.”
IBSFINtech’s MD & CEO CM Grover, said, “It has been our constant endeavor to offer future ready solutions to our customers, and we do this with a thorough understanding of their changing needs. Treasury automation is a critical focus area for CXOs today. Having been mandated by boards, corporations globally are augmenting their corporate finance functions with robust treasury automation solutions. Our association with Oracle for Cloud ERP solutions is a step forward in offering customers cloud native solutions to support their business transformation journeys. ”
Vivek Gupta, Senior Director and Country Head, Oracle IaaS and PaaS Services, Oracle India said, “With the migration of IBSFINtech’s treasury management solution to OCI, IBSFINtech can modernize their existing apps for a cloud native world. They will now be able to reduce their IT costs, yet continue to serve a growing customer base. We are delighted to work with IBSFINtech. Together, we can drive business transformation for customers.”
IBSFINtech ED & CTO TM Manjunath said, “We thoroughly evaluated global cloud providers and found OCI to be highly scalable and agile. Oracle Real Application Cluster (RAC) supports the rapid scaling of infrastructure and high availability, while Oracle Autonomous Transaction Processing (ATP) delivers rapid set up and self-driving capabilities that help cut down on managed services cost and effort. These benefits from OCI makes it a highly preferred option for us.”