Fundtech (NASDAQ: FNDT), a market leader in global transaction banking solutions, announced that Ecobank, the leading Pan-African bank with over $11 billion in assets, has launched Fundtech's Global CASHplus cash management system across its network of affiliates covering 30 countries throughout Africa.
Ecobank has ambitious growth objectives for its corporate cash management business, as its client base is increasingly requiring access to cross-border transactions and online payment systems. Ecobank made the strategic decision to utilise Fundtech's Global CASHplus electronic platform, which is being deployed under the name of Ecobank Omni, supporting the growth in transactional volumes of its corporate clients. The bank has implemented the Payments, Receivables and Balance reporting modules of Global CASHplus.
The Receivables module enables Ecobank's customers to optimise their working capital requirements with a single dashboard for managing everything from cash collection to complex direct debit mandates. With a full range of pooling, concentration, sweeping and off-setting configurations and on-demand liquidity transfer capabilities, Global CASHplus helps Ecobank's corporate customers to integrate their cash management across Africa.
Ecobank also offers multi-bank and multi-account balance reporting in a single window. By rolling out CASHplus across its pan-African network, Ecobank can leverage the benefits of scale, relying on a central, robust product infrastructure to drive growth consistently across all 30 countries.
Commenting on the attributes of Global CASHplus, Oti Ikomi, Group Head of Corporate Banking Products at Ecobank said: "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."
Fundtech Executive Vice President Gil Gadot said: "Ecobank represents an important geographic expansion into the African continent. Africa represents an emerging market in the banking industry and we are delighted to work with the region's leading bank, providing them with the advanced technology that will support their growth objectives."