UAE: UAE Exchange, one of the largest and leading global remittance, foreign exchange and payment solutions brand, is on a technology up-gradation spree to match its fast paced growth plans. The company has tied up with SunGard, one of the world’s leading financial software companies, to fully automate its treasury operations and thereby, drive its operational growth globally.
The new software will aid UAE Exchange with reduced manual treasury tasks, quick transfer of funds, securing database, timely and accurate management reports, optimal treasury payment process and centralising payments – all with just a click of the mouse. In addition, the new automated treasury management system (TMS) automatically indexes and archives all documents in the customer’s electronic folder thereby, increasing customer privacy and security and eventually reducing online frauds. Another major advantage of this process is that since the information is electronic, it enhances the reconciliation statements and helps the bank personnel, auditors and even regulators to carry out their compliance work smoothly.
Speaking on the association, Promoth Manghat, CEO, UAE Exchange says: “Being the pioneers in the industry and forging ahead with the changing environment, we wanted to augment our treasury management system. Our decision to partner with SunGard goes beyond business as the company reflects the innate values of our brand. With the integration of the new software, the risk of price variation associated with various currencies and their interest rates reduces substantially as with just a click, the team is empowered to choose the best deal and close the transaction, thereby, improving operational efficiency. Moreover, the new automated treasury management system will decrease frauds, enhance customer privacy and security as well as ensure compliance with company and regulatory policies and procedures. Further, due to reduced manual intervention, automation will not only save time but enable more effective cash flow forecasting, reduce risk and associated costs, boost liquidity and provide a superior degree of confidence to our partners.”
Speaking about the partnership, Wissam Khoury, Managing Director – Middle East and Africa, SunGard Financial Systems says: “We are glad to associate with UAE Exchange for this innovative initiative in the remittance industry. We are confident that our industry-leading infrastructure and software will help to further strengthen the treasury structure of the company leading to process optimization, greater secured transactions, lower operational risk and accessibility from anywhere. We look forward to continuing our efforts to help bring about systemic improvement and automate the many detailed processes associated within the remittance industry.”
UAE Exchange, in order to improve its technological edge, better manage their growing cross-border challenges and minimise the risk of untimely and inaccurate processes, has embarked on integrating Quantum, the new software, with its current Treasury Management System (TMS). Critical to the company’s strategic objectives, the fully automated system will aid the treasury wing of UAE Exchange to further streamline their administrative processes, provide 24/7 online access, obtain cash position information anytime from anywhere and centralised transactions will be a great enabler for the department.
Moreover, the integration of the new software provides the opportunity to increase the organisation’s own scale and take on greater range of services. With better automated processing, security and transparency across varied areas as well as deploying cloud services, it not only reduces error but reduces operative costs too. It is no wonder then that UAE Exchange is all set to compete in an operationally demanding yet cost-conscious market.
About UAE Exchange
UAE Exchange is a leading global remittance, foreign exchange and payment solution brand. It is also the widest globally networked remittance brand with over 750 branches across 32 countries in 5 continents. Its strong correspondent banking relationship with close to 150 global banks adds to the might. Over 9000 professionals representing over 40 nationalities, strive to achieve excellence and bring delight to its over 7.9 million customers worldwide. This penchant for quality has won UAE Exchange the ISO certified brand and many other global awards for quality & business excellence. For more information, please visit www.uaeexchange.com
About SunGard Financial Systems
SunGard is one of the world’s leading financial software companies, with annual revenue of $2.8 billion. We provide solutions for financial services, the public sector and education. Our software is delivered via Software as a Service (“SaaS”), in the cloud and on premise, surrounded by an extensive suite of service offerings. Through the depth and breadth of our solution portfolio, global capabilities and domain expertise, we are uniquely capable of supporting virtually every type of financial organization, including the largest and most complex institutions in the world. SunGard’s approximately 13,000 employees proudly serve over 15,000 customers in more than 100 countries, bringing fresh ideas and inventive solutions to help our customers adapt and thrive. For more information, please visit www.sungard.com.