Ecobank Honored for Best Use of IT in Wholesale Transaction Banking
Banking Technology Awards recognize Ecobank’s transformative implementation of a pan-African platform for payments and cash management
New York – December 2, 2014 – Fundtech, a market leader in global transaction banking solutions, is pleased to announce that Ecobank has been honored with a Banking Technology Award for Best Use of IT in Wholesale/Transaction Banking. Now in their 15th year, the awards presented by Banking Technology magazine and judged by a panel of industry experts recognize excellence in the use of IT within financial services.
Ecobank received the honor based on its development of a single pan-African platform for payments and cash management that would unite the various countries in which the bank operates. Implemented in order to meet its customers’ increasing demands for more sophisticated banking services, and to help improve payment processing efficiency and reduce operational costs, Ecobank pursued a ‘one bank, one platform’ model. Working with Fundtech, the bank completed installation of a cross-border solution throughout 32 countries in 24 months. Ecobank currently has operations in 36 African countries.
“Congratulations to Ecobank for executing such a transformative project in such an impressive time frame,” says Peter Reynolds, Managing Director, EMEA, Fundtech. “The new platform has already proven to be of significant value to Ecobank, reflected in increased customer acquisition, and exponentially increased transaction volume and value.”
Incorporated in Lomé, Togo, Ecobank Transnational Incorporated (‘ETI’) is the parent company of the leading independent pan-African banking group, Ecobank. It currently has a presence in 36 African countries, namely: Angola, Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo (Brazzaville), Congo (Democratic Republic), Côte d’Ivoire, Equatorial Guinea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Malawi, Mali, Mozambique, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia and Zimbabwe. The Group employs over 20,000 people in 40 different countries in over 1,200 branches and offices. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals. Additional information may be found at www.ecobank.com.
Fundtech offers a comprehensive line of transaction banking solutions to banks and corporations of all sizes around the world. As a strategic supplier, Fundtech’s customers benefit from lower operating costs and an enhanced end-user experience through integrated and feature-rich solutions. The firm’s major product lines include: global and regional payments, corporate cash and liquidity management, financial messaging, electronic invoice presentment, supply chain financing, remote deposit capture, merchant services, credit card gateway and mobile banking products. Fundtech offers its software through a traditional software license and a Software-as-a-Service (SaaS) contract. Thousands of financial institutions and companies worldwide rely on Fundtech’s innovation to improve operational efficiency, increase revenues, and provide greater competitiveness through business-to-business services. Founded in 1993, Fundtech was acquired in 2011 by GTCR, a Chicago-based private equity firm. For more information please visit www.fundtech.com.
Patrick Kilhaney, Public Relations & Analyst Relations Manager
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