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,” Promoth Manghat added.
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.