LONDON, July 10 /PRNewswire/ -- Currencies Direct today announced the
deployment of Aurora Enterprise, an in-house, client/server payment suite
developed by Satyam, a leading global consulting and information technology
services company (NYSE: SAY). Aurora Enterprise enables large and
medium-sized organisations to employ and execute cross-border and
international payments without the need for foreign currency bank accounts
or expensive agreements with their banks, an efficiency that leads to
substantial savings in time and money.
"Perhaps more than in any other sector, international banks are under
pressure to reduce costs while increasing the perceived and actual quality
of their services," said Currencies Direct Group Managing Director Yogesh
Shetty. "Aurora Enterprise has all the integrated functionality of a
real-time foreign exchange risk management system, but also features unique
bolt-on technology that can integrate with any third-party payment
platform. As a result, users can easily shop around for the most effective
and efficient global payment network."
In addition to the benefits of a hybrid payment model, Aurora
Enterprise combines foreign exchange-order and third-party settlements with
a single click, a considerable improvement over traditional banking payment
systems. Moreover, it will allow an organisation to leverage its in-country
presence to offer new products and services cost effectively.
"The Board of Directors at Currencies Direct chose Satyam as it proved
to be a natural fit to our technological aspirations, and its management
style of working as a partner rather than a supplier was key. The
collaborative development and deployment plan with Satyam will enable
international banks all over the world to make payments more efficiently
and gives a tremendous boost to our already ambitious plans for marketing
our products globally," said Neil Redcliffe group director - Global
Investments, Currencies Direct.
"International banks and other financial institutions benefit
tremendously by streamlining their processes without disruption," said Dr.
Keshab Panda, the senior vice president, director, and head of Satyam's
European operations. "To arrive at the best possible solution, we worked
closely with Currencies Direct to gain a deep understanding of its
business, as well as that of its clients. Consequently, we were able to
quickly identify opportunities for process and technology improvements, and
incorporate them into Aurora Enterprise, a truly comprehensive solution."
"With the introduction of Aurora Enterprise we are now scheduled to
roll out our unique online proposition early next year, thus allowing us
even greater integration and market acquisition opportunities. This also
accommodates our growth and expansion plans to North America," said Vince
Carere, director of Systems and Product Development at Currencies Direct.
About Currencies Direct
Currencies Direct are one of Europe's first independent foreign
exchange specialists who recognised the need in the market of an expert
secondary Foreign Exchange provider to traditional banks. Its private
wealth management (High Net worth individuals) payment proposition has
received many recommendations and service awards from the Industry
including the prestigious" BT Entrepreneur award" and has been recognised
as one of the fastest growing Companies in UK.
Its innovative approach is based on dealing directly with the currency
markets and matching buyers with sellers thus eliminating intermediaries
and giving it a competitive edge in pricing foreign exchange.
Currencies Direct's business model is designed as a "solution provider"
and it uses the unique franchise concept by building global partnerships
with Banks and affiliates. Its philosophy " partners and not competitors"
has allowed it to build its franchise all over Europe, Australia and
Currencies Direct's head office and global trading centre is based in
the City of London. It has offices across 4 continents, with a 1,500 strong
franchise network of business partners and affiliates.
Satyam (NYSE: SAY), a leading global business and information
technology services company, delivers consulting, systems integration, and
outsourcing solutions to clients in 20 industries and 55 countries.
Satyam leverages deep industry and functional expertise, leading
technology practices, and an advanced, global delivery model to help
clients transform their highest-value business processes and improve their
business performance. The company's 40,000(*) professionals excel in
engineering and product development, supply chain management, client
relationship management, business process quality, business intelligence,
enterprise integration, and infrastructure management, among other key
Satyam development and delivery centers in the US, Canada, Brazil, the
UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia
serve 558(*) clients, including one-third of the US Fortune 500. For more
information, see www.satyam.com.
(*) As of March 31, 2007
SOURCE Currencies Direct