Microfinance Department at United Nations Relief and Works Agency (UNRWA) Completes Multi-region Roll-out of OMNIEnterprise Microfinance Solution
TORONTO, LONDON and MUMBAI, July 9, 2014 /PRNewswire via COMTEX/ -- TORONTO, LONDON and MUMBAI, July 9, 2014 /PRNewswire/ --
InfrasoftTech today announced that United Nations Relief and Works Agency (UNRWA)'s Microfinance Department, has gone live on OMNIEnterprise Microfinance Solution in four territories of its operations, automating their entire business processes, credit risk management and financial compliance.
The Microfinance department at UNRWA wanted a highly scalable Lending Management solution to reengineer business processes, optimize infrastructure costs, improve credit control, reduce multi-currency losses and seamlessly comply with financial & regulatory guidelines. The solution was to be rolled out across four territories, namely West Bank, Hashemite Kingdom of Jordan, Gaza and Syria.
OMNIEnterprise Microfinance Solution has helped UNRWA to manage multi-entity, multi-currency and multi-lingual setup. It provides comprehensive functionality covering their entire business operations - Client Management, Credit scoring & Poverty indexing, Micro enterprise credit, Multiple Loan Types (individual, solidarity group lending, micro-enterprise, small scale enterprise, consumer, housing, women household, youth projects, poultry farming, making closets / furniture, support family income) Portfolio Management, Loan Repayment tracking, Collateral Management, Collection & Recovery including follow-ups & Legal cases, ABB with multi currency support, Remittance, PDC handling, Source of funds tagging, General Ledger, Fixed Assets, Reconciliation, Charges master, Reports and Centralized BOD and EOD processes.
The Microfinance department at UNRWA was able to meet all its business & technology goals for this automation project. The project offers one of the best case study of cloud based service delivery. The solution is managed by UNRWA Information Systems Division, hosted in Italy and the users from all 4 regions access it over secured internet connection.
Speaking on the occasion of the fourth region going live, Hani Cordiya, the Project Manager stated "We are confident to achieve our stated business objectives on implementation of InfrasoftTech's solution; OMNIEnteprise has improved the operational efficiency for delivering consistent, uninterrupted services in a cost effective, secure and compliant manner. InfrasoftTech has worked with us truly like partners for the entire duration of this project"
Ms. Jane Giacaman, Chief, Microfinance Operations at UNRWA said "It has been an important milestone for us to achieve complete automation of
our operations in these regions. Beyond automation, the solution would help us streamline our processes. Having established a robust core platform, we now are looking to initiatives like offering savings products."
OMNIEnterprise Microfinance Solution is one of the flagship products of InfrasoftTech and has global client base with implementation in regions as diverse as LATAM, Africa, Middle East, South Asia and S E Asia. The solution has received high recognition from renowned agencies such as CGAP for its product functionality and implementation & support commitments. The solution supports some of the large sites across the globe, with one of such sites processing upwards of 500,000 transactions a day.
On the occasion, Mr. Hanuman Tripathi, Founder & Group Managing Director, InfrasoftTech, said, "We are very glad to see that our software platform is being used by UNRWA to better the lives of millions of people. It is an honour to have worked with a UN agency providing technology for a socially relevant cause. We thank UNRWA in supporting us to implement the software solution in some of the most challenging regions in the world today"
InfrasoftTech, a specialist IT solutions & service provider in banking & financial services space, launched its OMNIEnterprise Universal Banking Solution a few years back and has more than 150 financial institutions using the same for full automation of Commercial Banking, Lending, Microfinance and/or Islamic Banking in various parts of the world. The solution has been implemented by some of the leading network MFIs such as World Vision, Accion and MicroPlanet.
OMNIEnterprise Microfinance Solution, while developed on a banking framework, has been designed & modeled to cater to Microfinance and Micro-banking businesses. The strategy has worked wonders for its clients since it provides a light-weight platform and ease of adoption but at the same time ensures the best possible features for security, accounting standards, credit control and reporting.
InfrasoftTech has kept pace with changing market needs and launched innovative features from time to time, such as micro-insurance, agent banking, bio-metric enabled mobility solution, securitization, investor reporting, etc.
Asst. Manager - Corporate Communications
Contact No - +91-22-6776 4000Source: www.marketwatch.com
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