Currencies Direct Joins Forces with Satyam to Launch ”Aurora Enterprise”
- Integrated FX and Payment Management System
LONDON, July 10, 2007: 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
“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
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
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 Africa.
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.
Lauren Favretto +44 (0)207 847 9400
For further information, contact: firstname.lastname@example.org
This press release contains forward-looking statements within the meaning of
section 27A of Securities Act of 1933, as amended, and section 21E of the Securities
Exchange Act of 1934, as amended. The forward-looking statements contained herein
are subject to certain risks and uncertainties that could cause actual results
to differ materially from those reflected in the forward-looking statements.
Satyam undertakes no duty to update any forward-looking statements. For a discussion
of the risks associated with our business, please see the discussions under the
heading “Risk Factors”in our report on Form 20-F concerning the quarter
ended March 31, 2007, furnished to the United States Securities Exchange Commission
on April 30, 2007 and the other reports filed with the Securities Exchange Commission
from time to time. These filings are available at http://www.sec.gov.