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

Trade Finance Vision: J.P. Morgan and Cleareye Collaboration Plots Future Path

Eleanor Hill (TMI) is joined by Natasha Condon (J.P. Morgan Payments) to discuss the latest trends and innovations emerging from the trade finance arena. Natasha considers how treasurers can improve the efficiency of their working capital, and examines why it remains critical for banks and fintechs to...

29:01

Audio TMI - ESG: Time to Decide

The pressure to comply with ESG initiatives is being felt by corporates like never before, with ESG-compliance a common concern among treasury departments. TMI talks to Lavinia Bauerochse (Deutsche Bank) about treasury’s ...

11:41

Embedded Finance: A 101 Guide for Treasurers

Our latest TreasuryCast guest, Aman Narain (HSBC) sits down with TMI's Eleanor Hill to consider the ways in which treasury might be impacted by embedded finance. In this podcast, Aman explains the differences between embedded finance and BaaS, shares his hopes for the future in this space, and provides...

12:58

Audio TMI - A Modern, Agile, and Efficient Machine

UniCredit's Raphael Barisaac and Massimo Ortino explain how the fir...

What’s on the Horizon for Short-term Investments?

The treasury community has risen to the ongoing challenge of rising interest rates and inflation, with corporate cash serving as the sought-after safety net. Here, Daniel Farrell (Northern Trust Asset Management) and Karl Adams (ICD) consider how the latest MMF reform proposals affect short-term...

39:27

Transitioning a Corporate from LIBOR to CME Term SOFR

The loans market has predominantly moved to forward looking term rates, and both corporate borrowers and global lenders are increasingly turning to CME Term SOFR as the forward looking risk-free benchmarks to support their activities. Listen to this podcast, featuring Gavin Lee, Marco Bianchi (CME...

37:16

HSBC’s Sibos Spotlight – View from Sibos

TMI's Eleanor Hill invites Neil Atkinson, Nadine Lagarmitte, and Vinay Mendonca (HSBC) to discuss the critical treasury topics and conversations highlighted at this year's Sibos conference in Amsterdam. Amongst a wealth of market insights, our guests consider the most critical developments emerging from...

38:40

ECB’s Targeted TLTRO Tweaks Set to Drain Excess Market Liquidity

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th...

05:42

Asian Treasury Trends: Learnings and Opportunities

Former corporate treasury professional, Valerie Heng (Deloitte) joins Eleanor Hill to discuss the hot topic of treasury transformation, alongside other key shifts treasurers should be aware of. In this podcast, Valerie uses her knowledge of the Asian Treasury market to explain how the role of the...

20:27