Fundtech's Global CASHplus Implementation at Ecobank Earns Celent Model Bank
Award for Innovation and Integration Excellence
A Single and Unified Transaction Banking Solution Providing a Standardized
Customer Experience Across 24 Countries in Africa in Just 18 Months
Jersey City, N.J., March 6, 2013 (GLOBE NEWSWIRE) -- Fundtech's Global
CASHplus® (GCP) implementation at Ecobank, the leading pan-African banking
group, has been recognized with a Model Bank award from Celent, the financial
services, research and consulting firm, for the development and deployment of
a comprehensive internet-based corporate cash management service.
The annual award recognizes leading banking solutions that have a clear and
sustainable impact on business, improving sales or services, reducing risks or
costs, and improving business processes for banks and their customers. Celent
selected Ecobank's use of Fundtech's Global CASHplus product suite for its
innovative approach, business success and integration excellence. Ecobank and
Fundtech were able to implement a single and unified transaction banking
solution successfully in just 18 months, providing a standardized customer
experience across 24 sub-Saharan African countries.
Albert Essien, Group Executive Director for Corporate & Investment Banking at
Ecobank, says: "We 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
are confident that we have been able 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."
Via the platform, African corporates and multinational firms have the ability
to manage in-country and cross-border payables, receivables and liquidity.
Corporate customers now have a single view of their Ecobank accounts and
transactions, as well as those with third-party banks across the region.
Ecobank is gaining significant competitive advantage as a result; in the 18
months following implementation, customer acquisition has increased by 22
percent, while the total value of transactions processed for both new and
existing customers has grown more than six-fold.
According to Stephen Greer, analyst in Celent's Banking group: "The Model Bank
award recognizes initiatives that clearly advance a bank's business
objectives. Ecobank and Fundtech came together to implement a complex project
of global standards, the success of which is highlighted by such demonstrable
results. It also provides a powerful testament to the strategic advantages
that banking technology innovation can deliver to an organization."
Sanjay Dalmia, EVP Global Cash Management at Fundtech, says, "We are pleased
that Celent has recognized our collaboration with Ecobank in implementing the
industry's leading cash management solution. We're inspired by the bank's
success in providing a sophisticated solution that has received an
overwhelmingly positive response from its corporate customers. Fundtech
remains committed to partnering with Ecobank in its continued expansion and to
bringing further innovation to the banking technology space overall."
For more information, please see:
About Ecobank Group
Incorporated in Lomé, Togo, Ecobank Transnational Incorporated is the parent
company of the leading independent pan-African banking group. It currently has
a presence in 33 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, Tanzania, Togo, Uganda, Zambia, Zimbabwe.
The Group is also represented in France through its affiliate EBI S.A. in
Paris. Ecobank also has representative offices in Beijing, China, Dubai,
United Arab Emirates and London, UK. Ecobank is listed on the stock exchanges
in Lagos, Accra and the West African Economic and Monetary Union (UEMOA) – the
BRVM in Abidjan. The Group has more than 600,000 local and international
institutional and individual shareholders. The Group has 18,321 employees in
37 countries and 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
Fundtech offers a comprehensive line of transaction banking solutions to banks
and corporations of all sizes around the world. As a strategic supplier, our
clients benefit from lower operating costs and an enhanced end-user experience
through our integrated and feature-rich solutions. Our major product lines
are: 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. We also operate one of
the world's largest services bureaus. 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
The Fundtech Ltd. logo is available at
CONTACT: Press Contacts:
(UK) Chanda Gathani - Metia Ltd.
+44 (0) 20 3100 3605
(USA) Binna Kim - Cognito
+1 646 395 6304
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