Pan-African banking group Ecobank has implemented Israel-based Fundtech’s integrated, real-time cross-border payment and cash management system, called Global CASHplus, in 30 African countries.
Fundtech’s Global CASHplus has been customised for the bank as a new platform, known as Ecobank OMNI, to enable the lender’s corporate customers to link their enterprise resource planning (ERP) systems for integrated origination and reconciliation of transactions.
Ecobank transaction services group head, Patrick Gutmann, said that growing its transaction banking business across Africa was 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," Gutmann added.
Fundtech said that Ecobank began implementation of its Global CASHplus cash management system with a single-country pilot deployment in June 2011, through which the bank was able to roll out a unified solution across 30 countries within 24 months.
Ecobank deputy group CEO for corporate & investment banking, Albert Essien, said the solution will facilitate cross-border and multi-currency business for its customers, removing many of the traditional bottlenecks in the cash management process.