Ecobank is to implement a cash management and payments suite from Fundtech across 30 African countries.

The bank first used the Global Cash Plus solution in a single country in 2011, on a pilot basis. Over that time, it increased the number of customers using its electronic cash management platform by 22% and has thus decided on a wholesale rollout.

The system allows for cross-border settlements, multi-currency transactions and localised customisation. Ecobank hopes to have the solution fully rolled out within two years.

The bank’s deputy CEO Albert Essien says: “Ecobank 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 moved quickly 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.”

Group head of transaction services Patrick Gutmann adds: “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.”