FinTechAutomationASGC Group takes high-volume transaction management digital

ASGC Group takes high-volume transaction management digital

On-demand TMS model fortifies security and control over treasury operations.

ASGC Group, the Dubai-based vertically integrated construction group known for delivering some of the most iconic special projects in the UAE, has digitized its high-volume transaction management.

ASGC Group selected TreasuryXpress 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.

High volume of transactions

As one of the most influential and leading companies in the Middle East’s construction industry, the ASGC Group of companies manages over 21,000 transactions monthly across 15 banks and eight 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 digitize and optimize their processes. Driven by his experienced corporate finance strategy, Choufi said: “My role in the Group is to enhance treasury function and be the market leader in disrupting the treasury models.

“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.”

Choufi continues: “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.”

Security and speed

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 realize his vision.

Choufi added that 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 three to five days of payment processing to two 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.

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