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.”
Data from S&P Global Market Intelligence suggest that the German lender is struggling to meet capital and earnings figures.
The T+2 Industry Steering Committee (T+2 ISC) has welcomed recent action by the Securities and Exchange Commission (SEC) to propose a rule ... read more
Forecasts for 2016-2020 place Africa as the second fastest growing region in the world (at a compound annual growth rate (CAGR) of 4.3%), just below Emerging Asia.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.