IT2 Treasury Solutions today announces that Capitec Bank, South Africa's fastest growing retail bank for individuals, has selected the IT2 treasury management solution.
The introduction of the technology, led by IT2's South African partner TreasuryOne, is notable because of the bank's focused strategy of technical innovation and focus on back-office efficiency. It furthermore follows, and is the result of a period of strong commercial growth and technical development for South Africa's youngest bank. Now serving 3.7 million customers across South Africa, it recently opened its 500th branch.
IT2 provides a single, fully integrated treasury platform that is intended to reap the benefits of comprehensive treasury automation, locked down best-practice processes and transparent risk management. The system enables the institution, one of the first to pioneer paperless banking, biometric techniques, card access and mobile services in a consumer environment, to extend its technology strategy across the entire treasury function, for management of treasury funding, investments, FX and liquidity.
"Capitec Bank is an exciting, technically innovative institution" explains Hennie de Klerk, CEO, TreasuryOne. "It has secured a single, centralised, best practice STP framework for cash, funding and back office workflows that is totally in tune with the bank's innovative technical approach, rapid growth and philosophy. It is set to secure reduced costs, audit friendly, self-documenting processes and a sophisticated, up-to-date view of its cash, risk, funding, treasury exposures and hedging. Ultimately, Capitec's technology investment facilitates a streamlined platform and paperless back office that mitigates operational risk and saves consumers money."
Concludes Patrick Coleman, Regional General Manager, IT2 Treasury Solutions, "We are excited that Capitec Bank has opted to secure a best practice and totally streamlined solution, answering the challenge of a rapidly growing bank."