IDFC Bank deploys new revenue management platform, SunTec’s Xelerate
Pricing and billing software specialist SunTec has implemented its flagship Xelerate platform at India’s challenger bank, IDFC Bank.
The vendor says the new real-time solution, which covers corporate/commercial banking, will help IDFC to “analyse, anticipate and cater to varied customer expectations”.
Xelerate will help IDFC Bank “deliver a seamless, omnichannel experience across all touchpoints”, and customise offers and services.
IDFC Bank: what’s the tech
IDFC Bank, a subsidiary of India’s Infrastructure Development Finance Company (IDFC), is the newest private sector bank in India. It opened for business in October 2015.
The bank offers a range of universal banking services, including for the under-banked rural sector and the self-employed segment. It has 70 domestic branches.
The bank has recently signed for a new digital banking platform from Backbase.
IDFC Bank also uses a range of Misys’ products, including FusionBanking Trade Services for trade operations. Misys and the bank’s parent, IDFC, have been working together since 2005, with Misys providing its treasury and risk management software to IDFC.
For core banking, IDFC Bank uses TCS Financial Solutions’ TCS Bancs.
The bank also runs Intellect Design Arena’s Global Transaction Banking (iGTB) suite for a full range of transaction banking operations including payments, cash management, corporate banking and liquidity sweeps.
SunTec and Xelerate: fact file
Xelerate is SunTec’s new revenue management platform brought to market a couple of years ago.
The vendor says it is Java-based offering, cloud-ready, incorporates real-time “big data” analytics and is database independent.
It has come to replace the vendor’s older product, Transaction Business Management System (TBMS), which is no longer marketed.
SunTec’s customers include:
- ABSA Bank
- American Express
- Charles Schwab
- DBS Bank
- HSBC Trinkaus
- Mashreq Bank
- Oversea-Chinese Banking Corporation (OCBC)
- Standard Bank
- United Overseas Bank (UOB)
- Visa Europe