Pune: CashTech Solutions India Pvt Ltd, the Pune-based premier cash management solutions provider, has announced that Andhra Bank, one of India's leading banks, has implemented CashTech's cash management product, CashIn Collections, to launch its cash management services,AB Cashtrack. Cash management services are an integral part of new initiatives being undertaken by Andhra Bank.

CashIn will now enable Andhra Bank to provide its corporate clients with a host of value-added cash management services and better service them by ensuring speedy and efficient collection of their receivables from all over the country.

Says CashTech Solutions founder director R N Iyer: "In order to sustain growth and retain customers in a highly competitive environment, a bank today is required to provide its customers with a wide range of services by reinventing itself and through diversification. These services can be delivered through the use of robust solutions built on proven technology. We at CashTech are proud to be a part of this project and congratulate the Andhra Bank team on their foray into the cash management space."

CashTech's comprehensive cash management solution is scalable and will allow the bank's customers to manage their countrywide cash flow through a single account, thus reducing paperwork and aiding greater control over their money. CashIn's reporting engine provides value-added MIS to the corporate and generates various profitability and operations reports for the bank.

Andhra Bank was founded by Dr Bhogaraju Pattabhi Sitaramayya, eminent freedom fighter and Gandhian, on 20 November 1923. Since then the bank has grown by leaps and bounds and presently has a network of 1,086 branches spread across India and a total business of approximately Rs 33,000 crore as on 31 March 2003.

Ever since its inception Andhra Bank has been in the forefront in adopting standards, practices and technology. Andhra Bank has identified several areas in banking that the bank will foray into to further strengthen its relationship with its customers.

CashTech Solutions is a global leader in providing corporate electronic banking and cash management solutions to financial institutions worldwide. Its CashIn product suite represents the first real innovation in cash management software in a decade and has been installed in 43 locations worldwide.

Its current customers include ABN Amro, Deutsche Bank, HSBC, HDFC and State Bank of India, among others. The company has offices in India, the US, Singapore and Japan and employs more than 130 professionals worldwide. Cash Tech is funded by one of the largest private equity investors in the world, EM Warburg Pincus & Co LLC.