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Vashi2Panvel.com: Navi Mumbai: November 29: India’s largest private information and communications services provider, Reliance Infocomm, has won the prestigious HSBC Global Payments & Cash Management Partnership Award for India for the year 2005. This was announced last week at the Euro Finance Conference at a ceremony in Delhi. Instituted in India this year, the award is given to companies in recognition of innovative cash management efforts they undertake in tandem with their banking partners.

The panel of judges comprised eminent independent personalities and senior managers of HSBC India.

Reliance Infocomm wins the award for successfully integrating FLAG’s banking operations across various locations spread over the world after it acquired the global carrier in 2004. To be able to manage FLAG’s financial transactions, it was imperative that the company was brought on the same financial platform as its parent.

It involved consolidating FLAG’s banking relationships, streamlining and improving its funds and investment processes, putting in place an integrated system that allowed for dual monitoring of accounts and pooling of funds into a central treasury account with a view to reducing cost of borrowing and ensuring efficient deployment of surplus funds.

“The HSBC Global Payments & Cash Management Partnership Award has been constituted to recognise innovation in cash management solutions implemented by companies in association with their banking partners. Reliance Infocomm has come out a clear winner with its smooth integration of FLAG’s banking operations across various locations spread across the world,” said Lawrence Webb, Regional Head of Global Payments & Cash Management, Asia Pacific, HSBC.

“It is a matter of great pride for all of us at Reliance Infocomm that our partner HSBC India has chosen our company for this prestigious award. Integrating FLAG’s banking and related systems and processes was an intimidating task and we are extremely happy that a bank such as HSBC has helped us achieve it,” said B.D. Khurana, Group President, Reliance Infocomm.

Kasturi Dongaonkar