A single and unified transaction banking solution providing a standardized customer experience across 24 countries in Africa in just 18 months
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.”