ASGC Group digitises high-volume transaction management with TreasuryXpress
New York, NY - TreasuryXpress, the global provider of on-demand treasury management solutions recently announced that ASGC Group, a Dubai-based vertically integrated construction group best known for delivering turn key and iconic special projects in the UAE, has gone live with the firm’s enterprise treasury management solution. TreasuryXpress was selected by ASGC Group to help centralise 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.
As one of the most influential and 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. Having to manage such a high volume of transactions through numerous individual banking portals, Elias Choufi, Head of Treasury at ASGC Group, knew he had to transform operations and set out to digitise and optimise their processes. Driven by his experienced corporate finance strategy, Choufi says “my enrollment in the Group is to enhance treasury function and be the market leader in disrupting the treasury models.”
“Our strategy was to digitise, automate and centralise 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 digitisation strategy via a centralised treasury model. This also contributes to our environmental practices at ASGC.”
According to Choufi, “security, speed of implementation, expertise and efficiency” were the key criteria for selecting a treasury management solution (TMS) partner to help him realise his vision.
“We are pleased that ASCG and Mr. Choufi selected TreasuryXpress to be their partner for digital treasury transformation,” said Anis Rahal, CEO and founder of TreasuryXpress. “We believe treasury technology needs to be accessible and highly cooperative with other platforms – quickly and simply. Our technology is proven to enable digitisation strategies with smart solutions that allows treasury to deploy, integrate and scale quickly and securely.”
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 paper work has also made a remarkable contribution to the ROI of the project.
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.