Treasury Management Internation Logo

ASGC Group digitises high-volume transaction management with TreasuryXpress

Published 

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.

 

Most recent episodes

HSBC’s Sibos Spotlight: Investing in the Future – from Diversity to Green Deposits

In the final instalment of HSBC’s Sibos Spotlight, Eleanor Hill (TMI) invites Nadine Lagarmitte and Suraj Kalati (HSBC) to consider how corporates’ attitudes to...

25:12

HSBC’s Sibos Spotlight: The ESG Landscape – what every treasurer needs to know

In the third edition of HSBC’s Sibos Spotlight Podcast series, TMI’s Eleanor Hill invites Farnam Bidgoli (HSBC) to provide an in-depth overview of the current ESG...

16:24

The Path to Transformational Global Cash Visibility

Davina Bradley (CEVA Logistics) and Conor Deegan (CashAnalytics) join TMI’s Eleanor Hill to explore how treasurers can transform their cash visibility and forecasting within their business in a matter of weeks using a...

33:16

HSBC’s Sibos Spotlight: Embedding ESG in Trade and Supply Chains

In the second podcast from HSBC’s Sibos Spotlight series, TMI’s Eleanor Hill speaks to Surath Sengupta (HSBC) about embedding ESG into trade and supply chains....

20:58

Lost in Transaction: Overcoming Payments Pitfalls

From simple errors to duplicates, fraud and sanctions violations, there are a number of areas where payments can go wrong – especially in the real-time environment. In this podcast, TMI speaks to Andrew Ferrao...

34:25

HSBC's Sibos Spotlight: Central Bank Digital Currencies

The first edition of HSBC’s Sibos Spotlight series sees TMI’s Eleanor Hill joined by Mark Williamson and James Pomeroy (HSBC) to discuss the hot topic of Central Bank Digital Currencies (CBDCs). Our guests discuss...

25:48

Payments Vision 2025: The Inside Track

Wim Grosemans, Steven Lenaerts (BNP Paribas) and Wim Raymaekers (SWIFT) join TMI’s Eleanor Hill to outline their vision for the payments landscape in 2025. Our guests consider how recent developments such as instant...

28:21

Stepping Out from the Shadows

“Treasurers needs to step out of the shadows and into the sunshine in terms of their strategic contribution.” claims Zitah McMillan, Co-Founder and CEO, Predictive Black. In this podcast, hosted by TMI’s Eleanor Hill, our guest declares that the...

16:54

Why the ‘One Size Fits All’ Approach is Outdated - A Cash Segmentation Treasury Masterclass

With the ongoing low interest-rate environment and increasing regulatory change, it’s more important than ever for treasurers...

23:55

Instant Payments: Instant Rewards

TMI’s Eleanor Hill sits down in the virtual TreasuryCast studio with J.P. Morgan’s Global Head of Real-Time Payments, Cyrus Bhathawalla, to discuss how treasurers can capitalise on the evolving nature of real-time payments. Our guest contemplates the elements...

23:55