Ideal Invent Technologies celebrated its relocation to Sunrise Valley Science and Technology Park and the inauguration of its Scientific Research and Technology (SRTD) Centre in Vilnius, Lithuania.

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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.

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

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.

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.

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.

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.

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/

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.

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.