For more information about Luxoft, visit www.luxoft.com www.luxoft.com/financial-services/
case study 26.09.2012
Cash Management for International Corporate Banking Summary Design a netting solution to minimize the number of transactions and foreign exchange operations between national branches of multi-national corporations.
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Client: Top 50 Corporate and Investment Bank Business Area: Corporate Banking Asset Classes: Cash Technology Set: MS SQL, C# .NET 2.0, Web Services Integration: Internal systems User Profile: Operations Geography: Worldwide Relationships Status: Ongoing project, T&M Services Provided: System Development Team Size: 3-7 team members Duration: since 2004
Business Challenge The bank’s existing centralized cash management system had numerous problems with stability, performance, and scalability. In order to reduce administrative costs and to hedge against currency losses in international transactions, the bank needed to implement a netting policy into a reliable, highly functional software application that would be easy to maintain and enhance.
Luxoft Delivered Solution Luxoft redesigned and rebuilt the application software, adding a number of business features that are unique to the market. Some of the features that Luxoft developed for the bank include: uu Support for currency centers that work with multiple currencies uu A process for transaction disputes that uses email notication uu Greatly improved batch transaction processing times, for the bank’s largest customer the processing time was reduced from 6 hours to 10 minutes uu Automated the import of foreign exchange rates from the bank’s internal systems Luxoft’s small, but highly skilled team is able to respond quickly to new business demands. The team continues to add new functionality to process the complex business logic needed to support the best corporate netting solution on the market.
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Benefits With Luxoft’s re-engineering, the system became much more stable, faster, and easier to maintain. The bank realized the following benefits: uu Reduced clerical and transaction costs uu Reduced IT support and maintenance costs uu Improved control of cash positions uu Reduction of losses associated with currency exchange uu Increased profitability with improved intercompany transfers
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About luxoft
Luxoft, a principal subsidiary of IBS Group, is a provider of advanced application and software engineering outsourcing services for global and regional enterprises. Luxoft builds partnerships with its clients, such as Boeing, IBM, Deutsche Bank, UBS, Harman, Avaya, Alstom, and Sabre, based on the culture of engineering excellence, innovation, and deep domain expertise. Luxoft offers international delivery capability through its network of state-of-the-art delivery centers in North America, Eastern Europe, and Asia. Luxoft`s customers benefit from the right mix of technology skills, industry knowledge, proprietary processes and methodologies, and a choice of engagement models. For more information about Luxoft, visit www.luxoft.com www.luxoft.com/financial-services/
Š 2012 Luxoft