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, N.J., Oct. 28, 2013 (GLOBE NEWSWIRE) -- 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
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."
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:
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.
CONTACT: Press Contacts:
Public Relations & Analyst Relations Manager, Fundtech
+1 201 215 6524
(USA) Kevin Maher - Cognito
+1 646 395 6304
(UK) Chanda Gathani - Metia Ltd.
+44 (0) 20 3100 3605
Fundtech Ltd. logo
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