CashTech Solutions and Indian Banks? Association (IBA) has jointly called for the need to find solutions to face the challenges in the financial supply chain mechanisms that include accoutnts payables and receivables, cash management, transactions costs, risks and administrative costs.
At a seminar, Emerging Paradigms, held in the city Friday, bankers acknowledged that despite banks adopting various technology upgradaions and softwares, they were in being challenged by sophisticated corporates to increase levels of automations and integrate financial transactions with physical supply chain. Most participants agreed that this was not an overnight task and opined that the process could take a long while.
The IBA and corporates are in talks finding solutions to bridge the gap.
Unnikrishnan, Senior VP & deputy chief executive of the IBA said, There is a need to work towards uniform standards and to ensure inter operability of systems as various banks use different technology platforms. The forum is essentially meant to ensuring seamless communication between operating systems.? Most participants agreed to the fact that the supply chain gap was not just a technology issue. Without defined, effective and commonly accepted processes the value of technology will not be realised.