On-Demand TMS Enables Bank File Format Standardization and STP with ERP Solution
TreasuryXpress, the global leader in frictionless and on-demand treasury management solutions recently announced that TECOM Group, a Dubai-based strategic business enabler that contributes to the realization of the Emirate’s economic aspiration by creating sector-focused communities and innovative business solutions, has gone live with the firm’s enterprise treasury management solution, C2Treasury. This was selected by TECOM Group to help automate the bank reconciliation and achieve deeply integrated straight-through processing with the firm’s ERP, Oracle, and Yardi.
As a significant contributor to Dubai’s sustainable economic growth, TECOM Group’s 11 business communities have attracted companies and talent from around the world, covering seven vibrant industries. The communities host over 5,100 companies, ranging from start-ups to multinational corporations – and this breadth and reach translates into complex bank account and treasury management requirements. Having to manage many bank accounts across different banks, TECOM Group needed to find a way to simplify and economize their bank connections and bank account statement reconciliations.
Michael Wunderbaldinger, Chief Financial Officer at TECOM Group said: “As our business has expanded, we have had a growing need to streamline our bank reconciliation processes all through one central system. We knew this would require a good deal of customized integration to fully automate our bank account reconciliation with Oracle and Yardi. C2Treasury will help facilitate business partner activity through the automation of payments received, creating a smoother process for all the parties involved”.
“We chose TreasuryXpress as our partner because of their reputation for quality solutions and support. Their expertise in cutting-edge technology development and their responsiveness to customer needs has exceeded our expectations”, he added.
The solution is highly unique and innovative and includes the following capabilities:
- Deep integration between SWIFT, Oracle, and C2Treasury for automatic data synchronization between all the systems
- Automatic standardization of all transactions – from bank statements and payments to invoices
- Fully automated reconciliation
The custom solution was developed and fully delivered in less than one month.
“We are so pleased that TECOM Group chose TreasuryXpress as their partner for innovation. We know that each client is unique and we make it our priority to create solutions that are fully responsive to their requirements,” said Anis Rahal, CEO and founder of TreasuryXpress. “Our technology and approach to development is built to scale quickly, affordably, and securely.”
TreasuryXpress, a global FinTech provider, was created to give all companies powerful, cost-effective, and easy-to-implement Treasury Management capabilities that empower them to be able to work smarter!
Our solutions centralize more than 10,000 bank accounts daily and process electronic payments for over 7 billion USD each year.
TECOM Group, a member of Dubai Holding, is a strategic business enabler that contributes to the realisation of Dubai’s economic aspirations, by creating sector-focused communities and innovative business solutions.
TECOM Group’s 11 business communities have attracted companies and talent from around the world, reinforcing Dubai’s position as a global hub for business and commerce. Covering seven vibrant industries, the communities host over 5,100 companies, ranging from start-ups to multinational corporations, and employ 76,000 creative workers.
TECOM Group’s free zone business communities include Dubai Internet City, Dubai Outsource City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Science Park and Dubai Design District (d3). The Group’s newest business community, Dubai Wholesale City (DWSC), is the region’s first integrated wholesale trading and industrial hub that features sector focused pavilions including Dubai Industrial Park.