UAE Exchange injects TMS with new IT

|October 8, 2015 0
Picks SunGard and others for automation, customer privacy, security and reduced online frauds

MUMBAI, INDIA: UAE Exchange, a remittance, foreign exchange and payment solutions brand, has tied up with SunGard, a financial software company, to fully automate its treasury operations and thereby, drive its operational growth globally.

The new software is said to 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, as further explained.

Another major advantage of this process, as shared, 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.

                                 

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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. 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.”

In another addition, 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). This is being explained as critical to the company’s strategic objectives, and the announcement says that 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.

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.

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