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: http://www.celent.com/reports/model-bank-2013-case-studies-effective-technology-usage-banking
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 http://www.ecobank.com.
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 visit www.fundtech.com.
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