The celebrated pan African
financial institution, Ecobank has made a debut with what the bank described as
an international cross-border payment solution, enabling transactions across 30
African countries.
DigitalSENSE Business News reports
that earlier this month, Ecobank’s mobile money partnered with Bharti Airtel, which
enables global transaction and banking solutions company, Fundtech, to launch Global
CASHplus after a successful single-country pilot in June 2011.
The roll out, DigitalSENSE Business News noted
has taken place within two years in 30 countries on the African continent,
resulting in a 22 per cent increase of electronic customers and transaction
multiplication of 200 times after 18 months.
Deputy group chief executive
officer (CEO) for corporate and investment banking at Ecobank, Mr. Albert
Essien, explained it was aiming at developing a cash management system,
catering for a diverse array for businesses while still supporting big amounts
of transactions throughout its 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,” Essien said.
Sanjay Dalmia, executive vice
president of Global Cash Management at Fundtech, pointed out that the platform
is customised to suit every country’s unique language, currency and regulatory
requirements without compromising on its consistency in providing a standard
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,”
he said.
Elucidating on CashPlus, group
head, Transaction Services at Ecobank, Patrick Gutmann, said that by running on
Ecobank’s OMNI platform, the linking of enterprise resource planning (ERP)
systems for integrated origination and reconciliation of transactions has been
made possible, seamlessly.
“Growing our transaction banking
business across Africa is the key objective for the bank. “The implementation
of Fundtech’s Global CASHplus, which is customised for us as Ecobank OMNI, is a
key strategic step in strengthening our competitiveness across Africa,” he
said.
DigitalSENSE Business News recalls
that with local presence in African countries such as Togo, Ecobank has most
recently also established itself in Ethiopia.
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