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Ecobank Honored for Best Use of IT in Wholesale Transaction Banking

Banking Technology Awards recognize Ecobank’s transformative implementation of a pan-African platform for payments and cash management 

Fundtech, a market leader in global transaction banking solutions, is pleased to announce that Ecobank has been honored with a Banking Technology Award for Best Use of IT in Wholesale/Transaction Banking. Now in their 15th year, the awards presented by Banking Technology magazine and judged by a panel of industry experts recognize excellence in the use of IT within financial services.

Ecobank received the honor based on its development of a single pan-African platform for payments and cash management that would unite the various countries in which the bank operates. Implemented in order to meet its customers’ increasing demands for more sophisticated banking services, and to help improve payment processing efficiency and reduce operational costs, Ecobank pursued a ‘one bank, one platform’ model. Working with Fundtech, the bank completed installation of a cross-border solution throughout 32 countries in 24 months. Ecobank currently has operations in 36 African countries. 

“Congratulations to Ecobank for executing such a transformative project in such an impressive time frame,” says Peter Reynolds, Managing Director, EMEA, Fundtech. “The new platform has already proven to be of significant value to Ecobank, reflected in increased customer acquisition, and exponentially increased transaction volume and value.”