FTI wins contract to install Treasury System in South Africa

13 May 2010

FTI, the IFSC-based treasury company, has won a contract to install its treasury system, FTI STAR, in the Land Bank, South Africa. The Land Bank is a state-owned bank that provides financing to the agricultural sector in South Africa. Total lending is Rand 12 billion (€1.2bn). FTI in conjunction with its local partner, eSoftware Solutions, won the contract, worth over €300,000, following an international tender.

The project involves the implementation of the FTI STAR treasury system, which will be used by Land Bank to manage its financing and loan book. This is FTI’s second system’s success in South Africa. Last year, it won a similar project with South African Post Office (SAPO). SAPO is one of the largest businesses in South Africa, with 2000 outlets and delivering to an area of 1.2 million square kms. FTI’s treasury system is now used to support the banking part of the business.

FTI have been active in South Africa since 2006, initially working for the National Treasury to benchmark treasury operations in fifteen of the largest State-Owned Enterprises, including South African Airways, National Housing Finance Corporation, National Roads Authority, Export Credit Insurance Company, Road Accident Fund and Eskom.

Announcing the new contract Eddie Fogarty, Managing Director, FTI said: “South Africa has escaped better than most economies from the financial markets collapse. Prospects for more business are excellent. We are delighted with this further success, especially having beaten competition from the biggest systems companies worldwide”.

Founded in 1988, FTI provides treasury management, systems, consultancy and training to an international base. Clients include corporates, banks and finance ministries. The focus is treasury - cash management, debt, financing, fx and risk management. Other clients of FTI‘s systems include the Central Bank, Iceland and the Finance Ministry, Romania – the latter uses FTI STAR to manage its sovereign debt.

FTI employs 25 and has a software development company in Sofia.

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