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Events
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- July 22, 2010 - Press release by Lithuanian Ministry on IDEALINVENT's new investments in the country
The Ministry of Economy in Lithuania has published an official press release on Thursday, the 22nd of July 2010. The press release announces that IDEALINVENT has signed a letter of intent with the Ministry to set up a Scientific Research and Technology Development (SRTD) centre in Lithuania.
For more details, read the press release in English and Lithuanian.
- July 16, 2010 - IDEALINVENT adds investment solution to product portfolio
IDEALINVENT has entered into an agreement to purchase the product rights for "Francina" and "Francina Web" to add to its Corniche Suite of products. The product will be further developed as part of the Corniche Suite and will cater to complete investment solution for banks enabling offering for stocks, bonds and other investments through trading on the net and connected to multiple stock exchanges across Europe and other geographies.
Click here to read the press release from Vilnius, Lithuania
- June 2010 - Article on IDEALINVENT in news2biz
A Lithuanian newspaper, news2biz has published an article on IDEALINVENT's plan to secure direct government subsidies from the Lithuanian Ministry of Economy for the service centre in Vilnius. The following article has appeared on 23rd June 2010.
Click here to read the article.
- June 2010 - IDEALINVENT launches B-SaaS™ - Banking Software as a Service
IDEALINVENT formally launches its "Banking Software as a Service" solution (www.b-saas.com) with a view to provide more measurable business benefits for its customers worldwide.
The B-SaaS™ solution is an integrated service offering enabled by Corniche® Front End suite, Corniche Core Banking Solution and DataMatrice™. This will help expand the company's reach into one of the fastest growing segments of the IT industry. It will enable delivery of a more cost-effective alternative for customers to achieve their business objectives than traditional packaged applications.
This is a proud moment for IDEALINVENT and heralds a new direction in the organization's focus.
Click here to view the press release from Stockhom, Sweden dated 9th June, 2010.
- May 2010 - Exchange Finans selects new banking platform from IDEALINVENT
To allow for continued expansion and offering an expanded range of products and services in Sweden and later on to new markets, Exchange Finans opted to invest in a new banking platform from IDEALINVENT. IDEALINVENT was chosen amidst stiff competition from other vendors.
With Corniche Banking Solution and DataMatrice™, Exchange Finans will get a scalable solution with support for teller operations, loans, deposits, cards, domestic and cross border payments. The solution also includes support for reports, AML and analytical CRM.
“The main reason for the choice of the Corniche Banking Solution is that the system is well suited for our business needs. It is important for us to choose a provider that can help in the further development of Exchange Finance," said Umit Adis CEO, Exchange Finans. Important in the selection has also been IDEALINVENT's knowledge and understanding about the industry.
“Agreement with Exchange Finans strengthens our already strong presence in the Nordic and Baltic countries and is also strategically important because Exchange Finans will be the first customer for our new cohesive product line Corniche Banking Solution," says Mats Esbjörnsson, Director IDEALINVENT AB.
IDEALINVENT’s Swedish Team will lead the project with technical support from its India Development Centre at Bangalore and strategic partner, Megasol Technologies, Sweden.
Exchange Finans was founded in 1996 in Stockholm by Umit Adis and Kenan Anter. Exchange Finans is one of Sweden’s leading currency changer, and credit market company with 10 centrally located branches and 75 employees .The company provides cash handling, loan and deposit services with the state-provided guarantee of deposits
More information about Exchange Finans at: http://www.exchangefinans.se/
- April 2010 - DataMatrice™ selected as preferred Data Transformation tool by Bank SNORAS
DataMatrice™ a unique data management tool developed by IDEALINVENT technologies has received another feather in its cap. It has been selected by Bank SNORAS, Lithuania for migrating data from the new core banking system to new accounting system (Finstudio, by Finarch) being implemented. Bank SNORAS has selected DataMatrice™ for its ability to comprehensively handle all data transformation requirements including regulatory reporting. IDEALINVENT team would also render professional services in analyzing and handling end-to-end data migration activity for the bank.
DataMatrice™ is a data management tool that seamlessly handles reporting, interfaces and customer outputs to meet the specific needs of the BFSI sector. DataMatrice™ is designed to meet industry specific requirements (like SEPA, PATU, SWIFT etc) for interfacing with clearing exchanges, utility payment service providers, electronic-post offices as well as handle rate uploads. It provides a payment gateway to handle protocols and has detailed back reporting ability for all transactions. DataMatrice™ can be configured to automatically execute routine end - of - cycle processes and report status messages through email or SMS.
Within eighteen years of its establishment, Bank SNORAS has become one of the largest banks in Lithuania. Having the most expansive and state-of-the-art territorial customer service network in the country - 10 regional branches of the bank, 13 branch outlets, 232 territorial units and
338 ATMs - AB Bank SNORAS has successfully consolidated its position in the Lithuanian retail banking market and has expanded its reach in the European Union member states.
- April 2010 - IDEALINVENT selected as consulting partner for implementing Finstudio - Financial Data Warehouse - by Bank SNORAS
IDEALINVENT has added a new dimension to their consulting business - implementation of financial data warehouse for banks. IDEALINVENT has been selected by Bank SNORAS as Consultants for implementation of FinStudio - a Financial Data Warehouse application from FinArch. IDEALINVENT team would be working along with Bank SNORAS and FinArch Consultants to implement the solution for Bank SNORAS for their upcoming branch in Latvia. The current phase of the project is for Latvian Central Bank Regulatory reporting.
IDEALINVENT consultants will work on the Analysis, Design of Templates, Creation of Standard Records, Capture and Allocation rules and on the Handoff to Central bank.
This paves the way to create synergy between FinArch and IDEALINVENT to explore further markets and coordinated strategies for FinStudio implementation. This also is evidence of the great relationship that has been established between IDEALINVENT and Bank SNORAS and demonstrates the confidence and faith that the bank has in IDEALINVENT's ability to successfully execute a project.
- March 2010 – Corniche® Front End with Teller and CRM modules
The first release of an integrated Corniche® Front End suite, which comprises of CRM and Teller modules built into the existing ProcessMate® functionalities, was made on 15th March 2010. With this release, ProcessMate® will henceforth be referred to as Corniche® Front End.
The CRM and Teller components will be powered by Corniche® ProcessDesigner, which allows banks to design all their processes.
The next release of Corniche® Front End suite is expected to include integration with Corniche Banking Solution and a comprehensive Channel component.
- MARCH 11-12, 2010 - IDEALINVENT participates in the Peren District road show, Nagaland
IDEALINVENT’s participation in the Mileingi / Hega cum Peren Road Show at Peren district of Nagaland was a resounding success.
The IDEALINVENT team met with members of the Nagaland Ministry during the road show. The Development Commissioner cum Additional Chief
Secretary to the Government of Nagaland has invited IDEALINVENT to visit the state again and showcase its offerings in detail to the State
Ministry at Kohima.
The team also met with several NGOs during the Interactive Workshop in Peren on the microfinance offerings at IDEALINVENT.
There was a meeting with the National Bank for Agriculture and Rural Development (NABARD) and a leading Cooperative Bank at their Nagaland State headquarters in Dimapur, which was also a great success.
- DECEMBER 6, 2009 - Inauguration of Global Development Centre of IDEAL INVENT Technologies Private Limited at Global Village, Mysore Road, Bangalore.
[Highlights of the New Office Inauguration Function]
The opening of IDEALINVENT’s new office at Global Village SEZ is a visible stepping stone for the company’s vision to expand its business operations.
IDEALINVENT celebrated the relocation to its new Global Development Centre in a grand opening ceremony on 06 December 2009. Sharing this special day with our customers, business partners, associates and well-wishers has made it a delightful and memorable occasion for the employees of IDEAL INVENT Technologies!
The inauguration function started with a traditional Ganesha Puja to seek blessings of the Almighty, followed by a formal Ribbon Cutting ceremony by the Chief Guest. Some of our dignitary guests then took turns to light the traditional lamp while a Ganesha Shloka (prayer) was being recited. IDEALINVENT’s CEO, Premkumar Bhagwatsaran welcomed the gathering and took them briefly through the company’s journey over the years and its future goals. Some of our guests took turn to speak on the occasion and extended their wishes to IDEAL. This was followed by popping of champagne bottles amidst loud cheers and toasting to the company’s success. The celebration closed with guests and employees alike reveling in the different refreshment items that were served, mingling and interacting together as the cameras clicked away.
The new office, all of 17,000 square feet, has been built to provide state-of-the-art infrastructure and support modern high-end technical systems, while proving to be a delight for sore eyes with its aesthetic and trendy design.
- Oct 2009 - IDEALINVENT and Megasol create joint venture company for development of core banking solution
IDEALINVENT enters into a Joint Venture with Megasol for developing the Java version of Corniche Banking System with added features. The resulting product would be a complete core banking solution available both on license and SaaS basis. The product would be a successful integration of ProcessMate – as the front end Suite, Corniche – as the core banking solution and DataMatrice™ – as the data management solution and financial data warehouse.
Click here to view the press release from Stockhom, Sweden dated 30th Oct 2009.
- Sep 2009 - IDEALINVENT to assist to implement FLEXCUBE for Bank SNORAS
IDEALINVENT has been retained by Bank SNORAS, Lithuania to assist the bank in their ongoing FLEXCUBE core banking system implementation project in Latvian branch. IDEALINVENT will be assisting the Bank in documenting processes, realizing the same in the system, providing solutions and alternates, and parameterizing the system. IDEALINVENT will also continue with Third party testing for the solution and assist Bank SNORAS in preparation for go-live.
AB Bank SNORAS is one of the largest Lithuanian banks. Having the most expansive and modern territorial customer service network in Lithuania, AB Bank SNORAS successfully strengthens its positions on the Lithuanian market of retail and business banking.
On 1 July 2009, AB Bank SNORAS was the third bank in Lithuania according to the portfolio of attracted deposits, the fourth according to authorized capital and the sixth according to managed assets. Over 1 million clients use the services of the Bank.
AB Bank SNORAS owns its branches in Estonia and Latvia, representative offices in Belgium, Czech Republic, Ukraine, Belarus and it also prepares to establish a branch in Cyprus as well as a representative office in China.
- Aug 2009 - IDEALINVENT signs Corporate Implementation Partner agreement with Oracle for FLEXCUBE
IDEALINVENT is now a “Corporate Implementation Partner” for ORACLE FLEXCUBE for Europe, Africa and Middle East regions. This will enable us to provide consulting, integration, and implementation services for FLEXCUBE. This gives us an opportunity to prove our industry experience, product knowledge, technical and solution expertise thus enabling our customers to rapidly deploy the solution and achieve return on investment. This will also enable us to have specific training inputs from ORACLE.
For our current and potential customers, this means delivering value on demand. We will build a competent team, based out of Vilnius, Lithuania and Bangalore, India which will enable us to service our customers’ needs at short notice across these geographies.
- July 2009 - IDEALINVENT reseller of UC´s credit information for the Nordic Market
IDEALINVENT has signed a reseller agreement with UC AB - Sweden's largest and leading business and credit information agency - owned by the major Swedish banks. The agreement makes it possible for us to integrate our solution ProcessMate® to UC’s system through web services. This will strengthen our product for the Nordic market and bring value to our customers who in a few seconds will be automatically provided with data for high-quality credit evaluation.
- June 2009 - Article on IDEALINVENT in Lithuanian Newspaper -news2biz
The following article has appeared in news2biz, a Lithuanian newspaper on 10th June 2009.
Click
here to read the article.
- May 2009 - IDEALINVENT announces its second presence in Europe
We are pleased to announce our second presence in Europe. “UAB IDEAL INVENT” based out of Vilnius, Lithuania, has been incorporated to handle support for our entire European customer base. Our centre in Vilnius will host our near shore support and delivery capabilities to the whole of Europe. It will also be our base to expand further into the Eastern European markets.
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February 2009 – Certificate of registration of trade mark for ProcessMate®
ProcessMate® has recently received its Certification of Registration of Trade Mark by the Trade Marks Registry, Government of India, under the Trade Marks Act 1999.
The registered trade mark serves the purpose of identifying IDEALINVENT as the source and sole owner of ProcessMate®. The reasons for the company’s decision to register the ProcessMate® trade mark is based on the following:
- To provide constructive notice to its ownership of the trade mark
- To possess a legal presumption of ownership of the mark and the exclusive right to use the mark nationwide on (or in connection with) the goods and/or services listed in the registration
- To use the domestic registration as a basis on which it may obtain registration in foreign countries
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November 2008 - DataMatrice™ performance certified on IBM platforms
IDEALINVENT has successfully ported DataMatrice™ on IBM p-series p570.
Also it has completed performance testing and DataMatrice™ Achieved 8680
TPS (Transformations Per Second). The specific objectives of the benchmarking
exercise were as follows:
- To be able to complete the data transformations for customer and accounts modules of
legacy core banking system into a target core banking system.
- To be able to generate Customer statements, for the target core banking system,
from the transformed data.
The performance benchmarking exercise has helped IDEALINVENT to optimize the DataMatrice™
data transformation solution on IBM platforms.
Click
here to read the ISV Workload Estimator document.
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October 2008 -
DM 3.1 with SEPA Credit Transfers and Statements Module
With the ability to do any kind of data extraction and transformation, DataMatrice™ jumps one more step ahead by incorporating a Statements Module and planting its foot strongly into SEPA, which is a vast and complex payment system in the European market.
Key features of DataMatrice™ 3.1 version:
- Multi Format file upload handling, which allows DataMatrice™ to take in data from files that consist of multiple lines for a single record, and individually specify the format of each line.
- Emailing of templated files.
- PDF outputs for templated documents.
- Maker and checker for custom definitions, which provides additional authorization process for custom definitions, so that all data put into a table needs to be authorized before it can be used.
- ASCII characters for column delimiter and padding characters – Padding characters and Delimiters can be specified for each file, which can either be static values or ASCII represented.
- Additional data handling like #COUNT# and #SUM# which can be used in uploads for validations and in handoffs as information.
- Footer in uploads – Apart from Headers, Footers can now be configured for uploads along with validations.
- View exceptions in the external request screen, by which the status of DM batches can be initiated and viewed externally through a URL (with restricted access).
- Support for all encoding formats.
Key features of SEPA Credit Transfers:
- Support for Direct Customer Credit Transfer - the initiation request is validated and a Credit Transfer Payment is processed accordingly.
- Support for handling rejection and returned payments – ability to repair and re-send rejected or returned payments due to reasons which are rectifiable.
- Generate reports like number of initiations, payments, rejections, returned payments etc.
Key features of Statements Module:
- Configure uploads from the Core Banking System views into identical structures in DataMatrice™
- Handle complex handoff formats – TITO, TATO, FidaVista and Litas using features of DataMatrice™ 3.1
- FTP and Emailing of templated files.
- New web screen which allows a user to login and capture requests for Statement Generation / Re-generation.
- DataMatrice™ batch to generate scheduled and unscheduled statements.
- View audit and requests from the web screens.
- Archival of statements
- October 2008 -
OPE (one point of entry) for Nordic market
- Secure File handling for customers based on the Finnish banker’s association standard PATU security protocol.
- Maintenance for Customer Service Agreements and Service Bureaus.
- Support for Secure Bill Payments .
- A help desk for reports and enquires is also available as part of the solution
- June 2008 - ProcessMate®
3.5 with ProcessDesigner and Process Documentation
support
With the release of ProcessMate® 3.5 version in
June 2008, ProcessMate® has taken another big leap
towards Service Oriented Architecture by exposing
its key business operations as Web Services. It
is also now power packed with configurable Process
Dashboards, Task Prioritizaton and Auto Allocation
Algorithms. You can Cross Sell Products by data
driven decision making using the Content Management
feature that has the ability to stream information
onto the user’s task window corresponding
to the data input in the workflow.
The ProcessDesigner module has undergone a major
transformation and has many new business critical
features, which enable easy modeling of workflows
as well as automatic generation of user interface.
You can also use it to generate your Process Documentation
in a fraction of time.
The Rules module in ProcessMate® has been enhanced
with the concept of Assignment Rules, which helps
business analysts to code business rules such that
the right tasks are assigned to the right persons.
- June 2008 - DataMatrice™
with EDIFACT adapter and payment gateway
In a world where change is the only constant, IDEALINVENT proudly joins the bandwagon to present the
DataMatrice™ 3.0 version with an all new EDIFACT
adapter and payment gateway.
Some of the advanced features of this release are
that it allows a user to define complex data types,
enables creation of split and templated handoff
files, and provides an interface layer to support
FTP, HTTP, MQ and Email attachments.
The fully integrated EDIFACT adapter allows sending
and receiving of messages which follow the EDIFACT
format.
- March 2008 - DataMatrice™
chosen as migration tool by Bank DnB Nord, Denmark
Bank DnB Nord has chosen DataMatrice™, data transformation
solution from IDEALINVENT as the data management
and transformational engine for its new multi-country
core banking roll out.
DataMatrice™, with its proven abilities to extract,
transform and manage data specifically crafted for
banks, is being used as the data migration tool to
migrate data seamlessly from legacy system to the
new core banking platform. The bank was able to achieve
success on a single switch migration with data being
transformed to suit the new system seamlessly using
DataMatrice™.
The success of DataMatrice™ in migrating one of the
country locations has prompted the bank to deploy
such migration techniques for the entire rollout for
their multi country migration strategy.
"The Ideal Invent team proved adept at transforming
legacy data into the required formats for migration.
Using DM they provided an efficient and clean data
transformation enabling the project to meet tight
deadlines during migration weekend."
- March 2008 - IDEALINVENT gets ISO certification
IDEALINVENT was recommended for ISO 9001:2000 Certification
by TUV India (affiliated to TUV Nord) on 12th March
2008. IDEALINVENT’s Quality Management Philosophy
is oriented on Customer Focus, and is aptly defined
in our Quality Policy:
“We are committed to creating value for
our customers by delivering high quality product and
services through well-defined processes and methodologies
that ensure meeting and exceeding customer expectations
consistently and comply with statutory and regulatory
requirements whilst continually improving the effectiveness
of the Quality Management System”
- January 2008 - DataMatrice™ chosen as the
preferred data management tool for Bank DnB Nord,
Denmark
DataMatrice™ has been selected by Bank DnB Nord to
handle all data management also used by the bank as
engine to handle various data transformation needs
for interfaces to financial data warehouse and other
systems and regulatory bodies.
With unique abilities to configure business rules
for data extraction from various systems, transform
them into required formats and exchange them with
other systems and external environments the bank aims
to make considerable savings on development and fine
tuning cost associated with data handling.
- January 2008 - ProcessMate® completes Chiphopper
program and is "Ready for IBM systems with Linux"
ProcessMate® has successfully completed the IBM Systems
Application AdvantageTM for Linux (Chiphopper) program
which is designed to help ISV's in porting, testing
and supporting existing Linux applications on other
IBM systems and middleware platforms
- January 2008 - DataMatrice™ 2.0 released
DataMatrice™ 2.0 with upgraded capabilities for rule
building and configuration for ease of configuration
of data transformations released.
- December 2007 - ProcessMate®listed in IBM global solutions directory
ProcessMate® has been listed now in the global solutions
directory of IBM. Global Solutions Directory is the
IBM repository of Business Partner offering information.
- November 2007- ProcessMate® 3.0 released
ProcessMate® 3.0 with SOA capabilities, business
rule configurations and process designing capabilities
released.
- September 2007 - DataMatrice™ selected for
handling data transformation for Migration of data
DataMatrice™ has been selected by a large Nordic branch
for migration from their legacy systems to the new
core banking system being implemented. Our team will
also render professional services in analysing and
handling the entire migration activities for the bank
from end to end. This is will happen in stages beginning
with one country and is set to roll out for all the
countries that the project aims in accomplishing -
which is slated to last over the next 18 - 24 months.
- July 2007 - IDEALINVENT retained for consulting
on multi country core banking implementation
IDEALINVENT has been retained by a large Nordic bank
for its multi country core banking implementation.
This project focuses on implementing FLEXCUBE for
the banks presence across six countries and we would
be participating in the implementation spanning these
countries.
- July 2007 - IDEAL INVENT AB incorporated
in Sweden
Based out of Stockholm, IDEAL INVENT AB will be the
hub for our European operations and be the origination
centre for all sales activities in Europe. This will
greatly help us in catering to the immediate requirements
of our customers to fulfil both Solutions and Consulting
division projects.
- June 2007 – Largest Saving Bank in
Spain uses DataMatrice™ as the data transformation
tool for offshore branch
DataMatrice™, from IDEALINVENT,
has been successfully implemented as the data transformation
tool with Everis,
an integration company in Spain. DataMatrice™ is being
used by the largest saving bank in Spain in two installations
to comprehensively handle all data transformation
requirement that include local clearing, regulatory
reporting and head office reporting. The implementation
is being done by Everis as project integrator and
IDEALINVENT.
- June 2007 - ProcessMate® certified on the
IBM platform
IDEALINVENT collaborated with IBM Innovation Center
for business partners to enable ProcessMate® on multiple
IBM platforms. On successful completion of Websphere
porting exercise on System x and System p platforms,
ProcessMate® was deployed for cross platform testing.
IDEALINVENT also successfully performed performance
testing on the ProcessMate® product on critical business
parameters. Concurrent login, operations on entities
and operations on processes were performance tested
and were certified on IBM platforms.
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