Andhra Bank installs CashTech's cash management solution

Our Convergence Bureau
16 May 2003

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.