Infosys Finacle, a part of EdgeVerve Systems, has successfully migrated the operations of Cholamandalam Investment and Finance Company Limited (Chola) to its cloud-based treasury solution, Finacle Treasury. This move will centralize Chola’s treasury management on a unified web-based platform, enhancing trading, risk management, and operations. The partnership is aimed at streamlining treasury operations, improving automation, and ensuring financial prudence and stability for Chola, one of India’s leading non-banking financial companies (NBFCs).
This transformation will provide Chola with end-to-end coverage for operations across the entire treasury lifecycle, managing various liabilities and investment portfolios, as well as streamlining fund transfer processes for faster and more efficient management of loans, market borrowings, securitization, and interest and tax adjustments. Additionally, the company is enhancing operational effectiveness by automating interest processing, accounting, and payments processes, resulting in reduced processing times for coupon payouts.
The partnership is seen as a significant step in Chola’s treasury transformation journey, enabling the company to address the challenges of managing a diverse liability book and investment portfolio while adhering to stringent regulatory frameworks. Sajit Vijayakumar, Chief Business Officer and Global Head of Infosys Finacle, noted that the company is delighted to partner with Chola in its mission to modernize treasury operations, highlighting the importance of delivering a cloud-first, multi-asset treasury solution that meets the current and future needs of the Indian NBFC sector.