TreasuryXpress, a leading supplier of frictionless and on-demand treasury management solutions recently announced that Ittihad International Investment, a leading private holding and multi-disciplinary conglomerate achieved 100% bank connectivity and cash visibility over a two week implementation period. This is way shorter than the average industry implementation project times of many weeks, typically over 6 months and often much longer.
Ittihad International Investment strategy and criteria
Ittihad’s business strategy is aimed at establishing and operating economically diversified portfolios either independently or in collaboration with leading companies. As a result, the management of multiple, specialized financial instruments and investments was adding a high degree of complexity to the firm’s treasury operations.
- Eyad Abdel Rahman, Group Treasurer at Ittihad, commented that:
- “A major criteria for selecting a TMS solution was our need for a customizable, scalable solution that could be deployed rapidly and without us being obliged to hire an outside consultant to run the project for us.” And they wanted a supplier who could, “Really harness the benefits of the Cloud and deliver our project with minimal human intervention thereby reducing our time-to-market and overall cost of automation.”
- “TreasuryXpress was able to connect us to our 9 global banks giving us visibility to 70% of our cash in this same two-week timeframe. We are genuinely impressed with the team’s approach and leverage of technology to accelerate our project.”
TreasuryXpress vision and solution
While Anis Rahal, CEO and founder of TreasuryXpress commented:
- “We hear from prospective clients almost daily that they are frustrated by the emerging business model of legacy TMS providers outsourcing 100% of their implementations to third parties.”
- “This practice just exasperates the implementation project from a time and cost perspective. It is our strong belief that the answer to improving the implementation experience for treasury is to eliminate as much human-reliance as possible. At TreasuryXpress, we rely on technology to make the difference – to reduce project timelines and costs dramatically.”
- “Long implementations are no longer viable or necessary. Our vision and strategy is to reduce as much human intervention during the implementation process as possible and rely more on automation. At TreasuryXpress, we have acquired the expertise and technology strategy to make this a reality.”
TreasuryXpress’ on-demand Treasury Management Solution (TMS) model leverages modern Cloud technology and development practices to create repeatable best-practice implementation workflows. These workflows fully automate the bank connectivity process; thereby reducing time and effort spent on these tasks during traditional projects. Additionally, the TreasuryXpress approach to innovation offers a perpetual development and upgrade model that allows treasury professionals to implement, consume, and scale technology economically and rapidly.
CTMfile take: Implementation and updating of TMS solutions no longer needs to take months and years. Admittedly this is a relatively simple TMS problem, nevertheless, the new technologies and delivery models from all todays leading solutions have changed these delivery times completely. However, many corporates will have to change their technology platform to get access to these ways of operating.
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