Treasury News Network

Learn & Share the latest News & Analysis in Corporate Treasury

  1. Home
  2. Dedicated Treasury Systems
  3. EB Cash Management & Work Stations

ASGC installs on-demand TreasuryXpress TMS in four weeks

The TMS market is changing dramatically as systems are now being installed in just a few weeks. 

The latest example is TreasuryXpress’s installation of their treasury-on-demand system at the ASGC Group, a Dubai-based vertically integrated construction group best known for delivering turnkey and iconic special projects in the UAE, which has gone live with the firm’s enterprise treasury management solution in just four weeks. TreasuryXpress was selected by ASGC Group to help centralize high volume transaction management in order to achieve comprehensive treasury visibility and centralized payment processing.  The solution is also helping to advance ASGC’s trade finance operations. The accomplishment is part of ASGC Group’s overall strategy towards digital transformation.

ASCG Group volumes and infrastructure

As one of the leading companies in the Middle East's construction industry, ASGC Group of companies, manage over 21,000 transactions monthly across 15 banks and 8 different currencies through numerous individual banking portals. Elias Choufi, Head of Treasury at ASGC Group, explained that “Our strategy was to digitize, automate and centralize our corporate treasury function. Since we execute and manage so many transactions locally and overseas, we wanted to find a way for our team and stakeholders to have better visibility into our payments across all our currencies, entities and banks,” says Choufi.  “It is also an excellent way to go paperless.  Having the ability to move from paper to electronic banking transactions was a major focus of our digitization strategy via a centralized treasury model.  This also contributes to our environmental practices at ASGC.”

According to Choufi, “security, speed of implementation, expertise and efficiency” was the key criteria for selecting a treasury management solution (TMS) partner to help him realize his vision.


According to Choufi, the solution was live and fully integrated with its two main banks and ERP solution within one month through host-to-host connectivity, a record-breaking implementation. As a result, Choufi says that it has already experienced “significant cost-savings” by reducing manual effort from 3 – 5 days of payment processing to 2 hours.  The elimination of printed cheques and supporting documentation has reduced the previously significant expenses of paperwork has also made a remarkable contribution to the ROI of the project.

CTMfile take: TreasuryXpress’ model leverages modern cloud technology and development practices fully automate the bank connectivity process; thereby reducing time and effort spent on these tasks during traditional projects which is why implementation was so quick.

Like this item? Get our Weekly Update newsletter. Subscribe today

Also see

Add a comment

New comment submissions are moderated.