Mandates and payments roundup, March 22

Resource Generation appoints Citi as its ADR depositary bank, while India's IDBI Bank chooses a cash solution from Fundtech.

Citi is appointed depositary bank by Resource Generation

Australia-based energy exploration and development company, Resource Generation (Res Gen), has appointed Citi as the depositary bank for its sponsored level one American depositary receipt (ADR) programme.

“The ADR programme will assist Res Gen in continuing to broaden the shareholder base internationally,” said Paul Jury, managing director of Res Gen, in a statement. “We are pleased to have appointed Citi as our depositary bank, and know that their expertise with ADRs and the strength of the investor relations team will help to ensure the success of the programme.”

IDBI Bank implements Fundtech solution

India’s IDBI Bank has implemented a transaction banking solution from global solutions provider, Fundtech. IDBI Bank has gone live with Fundtech’s Global Cashplus payments and receivables modules enabling the bank’s corporate clients to access advanced cashflow planning and working capital optimisation applications.

“Banks in India are looking to compete with and supersede their global counterparts with technology investment and advancement,” said Anshuman Jaswal, senior analyst at consultancy firm, Celent India, in a statement. “In-line with demands from their corporate clients, banks are looking to offer more sophisticated treasury solutions, such as cash forecasting and planning tools. Working with a global transaction provider such as Fundtech, IDBI Bank can leverage its expertise and implementation skills.”

The new solution will help IDBI Bank centralise its payments and collections processing for its corporate clients and enhance the bank’s collection services, including guarantee arrangements, cheque collections and correspondent bank management.

Axis Bank signs deal with Diebold

Global transaction systems company, Diebold, has signed a two-year service agreement with India’s Axis Bank to manage more than 1,100 of the bank’s automated teller machines (ATM) in India. Diebold will provide services such as ATM incident monitoring, vendor management, cash forecasting and replenishment, consumables management and site maintenance.

“Today, the ATM industry requires numerous support services to run its operations efficiently,” said Naresh Hosangady, South Asia vice-president and managing director at Diebold, in a statement. “Delivering these services will help us further strengthen our relationships with customers. We are proud to actively partner with Axis to provide innovative solutions that will significantly enhance the consumer experience.”

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