Patni launches a new business process framework for financial services

Mumbai: Patni Computer Systems today announced the release of Patni Financial Exchange Management, a business process framework that streamlines the operations of stock, commodity and mercantile exchanges.

The new offering is based on Oracle E-Business suite, a technology in which Patni has experience, thanks to projects it has undertaken for major exchanges. It features a business process framework for exchanges' back-office operations along with consistent templates and reports that drive the overall efficiency of operations.

Patni's approach incorporates the company's knowledge of the fee structures exchanges charge, the regulatory environment they operate in and the audits they are subjected to. The result is a framework of business best practices that addresses their unique business challenges.

Back-office efficiency is critical to operation of these major exchanges. Patni Financial Exchange Management drives these efficiencies, providing solutions that address core financials, fixed assets, and key processes including order to cash, procure to pay, and record to report.

Patni Financial Exchange Management is one of two new offerings based on Oracle technology Patni is unveiling this week at Oracle OpenWorld in San Francisco. The other offering is a fully developed pre-packaged business process application to help telecommunications providers provision new services.

''Stock, commodity and mercantile exchanges operators face difficult, expensive challenges upgrading their systems to meet reporting requirements and stay competitive with other investments,'' said Uday Tembulkar, head of the Oracle ERP practice unit at Patni. ''Using Patni Financial Exchange Management, these exchange operators can shorten their financial reporting time and cut costs quickly, easily, efficiently and without the risks associated with traditional enterprise upgrades.''