Ecobank OMNI Unites 30 Countries on a Single, Unified Cash Management System
Ecobank has gone live with Fundtech’s global cash management solution, Global CASHplus®, standardizing the customer experience, across 30 countries in just 24 months.
Jersey City, NJ – October 28, 2013 – Fundtech, a market leader in global transaction banking solutions, today announced that Ecobank, the world’s leading pan-African bank, has successfully deployed Global CASHplus®, Fundtech’s integrated, real-time cross-border payment and cash management system in 30 African countries.
Ecobank began implementation of the innovative Global CASHplus® cash management system with a single-country pilot implementation in June 2011. As a result of an extremely fast, focused 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.
Albert Essien, Deputy Group CEO for Corporate & Investment Banking at Ecobank, comments, “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. 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 of Global Cash Management at Fundtech, adds, “The platform is customized 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.”
The powerful new platform, Ecobank OMNI, enables Ecobank’s corporate customers to link their enterprise resource planning (ERP) systems for integrated origination and reconciliation of transactions. Patrick Gutmann, Group Head of Transaction Services at Ecobank, says, “Growing our transaction banking business across Africa is a key objective for the bank. We require a cash management system that is flexible enough to accommodate varying business practices across our network and powerful enough to meet the high volume of transactions that it will support. The implementation of Fundtech’s Global CASHplus®, which is customized for us as Ecobank OMNI, is a key strategic step in strengthening our competitiveness across Africa.”
About Ecobank 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 34 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, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia, Zimbabwe. The Group is also represented in France through its affiliate EBI SA in Paris. ETI also has representative offices in Dubai-United Arab Emirates, London-UK and Beijing-China. ETI is listed on the stock exchanges in Lagos, Accra, and the West African economic and Monetary Union (UEMOA) – the BRVM. The Group is owned by more than 600,000 local and international institutional and individual shareholders. The Group employs nearly 19,000 people from 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.
About Fundtech 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.
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