Banking transaction software group Fundtech said that pan-African bank Ecobank has deployed its Global CASHplus integrated, real-time cross-border payment and cash management system across 30 African countries in just two years.
Ecobank, which has a presence in 34 countries across the African continent, began implementation of the system with a single-country pilot implementation in June 2011. Following a fast and efficient implementation schedule, the bank was able to roll out a unified solution across 30 countries within 24 months.
In the 18 months following the launch, the bank saw a 22% increase in customers on the electronic platform and the number of electronic payment and cash management transactions increased by nearly 200 times.
“Ecobank set out to develop a cash management system that was flexible enough to accommodate varying local business practices, yet powerful enough to support a high volume of transactions across our entire network,” said Albert Essien, deputy group chief executive (CEO) for corporate and investment Banking at Ecobank.
“We moved quickly to implement a robust solution that will facilitate cross-border and multi-currency business for our customers, removing many of the traditional bottlenecks in the cash management process.”
Sanjay Dalmia, executive vice president (EVP) of global cash management at Fundtech, added: “The platform is customised to each of the countries it serves in terms of language, currency and regulatory requirements, yet provides a consistent, standardized interface and service. This is something no local or international institution has been able to achieve, nor, in such a remarkably short period of time, which is thanks to our close collaboration with Ecobank.”
Cash-flow based metrics now feature prominently alongside traditional revenue measures of business performance in the key figures or financial summary pages of any public company.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
With the end of 2017 fast approaching, many finance professionals might be counting down the days with some degree of dread. Year End is just around the corner and with it comes the many long hours accountants will spend going over balance sheets and profit and loss accounts, investigating account irregularities and chasing sign offs.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.