March 2, 2009
| Press Release
Nucleus Software's Cash@WillTM Goes Live at State Bank of India
PRLog (Press Release) – Mar 02, 2009 – Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: 531209), a leading provider of integrated software products for banks and financial institutions, announced today that State Bank of India (SBI) has gone live on Nucleus' cash management product Cash@WillTM (Payments & Collections) across Corporate Accounts Group Divisions at over 300 branches.
Cash@WillTM , a cash management product for managing cash flow and implementing long term flexible solutions, will help the bank in managing its government clients better. Cash@WillTM will help SBI improve revenue, maximize profits, optimize costs, and establish efficient management systems to accelerate growth.
SBI is now using Nucleus Software’s Cash@WillTM for Drafts, Income Tax Refund Orders (ITRO), Multi City Cheque (MCC) and Collections services. The implementation was done in a phased manner where Payments and Collections modules implemented initially were subsequently replaced by the newer version of Cash@WillTM. Nucleus' Cash@WillTM will power the cash management product of State Bank of India. It supports the bank in handling of government business like ITRO, SBI rights issue. As compared to other players in cash management business, Cash@WillTM will provide SBI with an added advantage of servicing the government business.
Every day a very large number of paper based transactions and electronic transactions are being processed on Cash@WillTM . It also takes care of ITRO payment at more than 700+ branches of the bank.
On this occasion Vishnu R. Dusad, CEO and MD, Nucleus Software Exports Limited said, “As an IPR led company, our synergistic approach of aligning our intellectual capital with business requirement helps our clients improve their operational efficiencies and customer value. We are proud to be associated with the largest bank in the Indian subcontinent and are confident that SBI will reap great benefits by leveraging our cash management solution. We look forward to further strengthening our relationship with SBI as they expand their business rapidly across the corporate and public sector and are exploring newer technologies to stay ahead in the market."
All other parameters being equal, how well an organization manages its collections, payments and liquidity has a direct bearing on its status, against a competitive backdrop. Nucleus Cash Management Solution Cash@WillTM built on new generation technologies of Oracle empowers banks to offer their corporate customers optimized cash management services, dramatically improving funds collection and inflow forecasting, payment dispatch and funds utilization. It provides anytime, anywhere access to quality real-time consolidated information and seamlessly supports multi-bank, multi-currency, multilingual transactions, ensuring smooth flow of information and cash.
About State Bank of India:
State Bank of India has an extensive administrative structure to oversee the large network of branches in India and abroad. SBI is the only Indian Bank to find place in the Fortune Global 500 List (2008).The Corporate Centre is in Mumbai and 14 Local Head Offices and 11100 branches spread throughout the country. The Corporate Centre has several other establishments in and outside Mumbai, designated to cater to various functions. SBI’s Colleges/Institutes/Training Centres are the seats of learning and research and development to spread the wings of knowledge not only to our employees but also other banks/establishments in India and abroad.