ASGC Group Digitizes High-Volume Transaction Management with TreasuryXpress
April 30, 2019
On-Demand TMS model fortifies security and control over treasury operations in just four weeks.
New York, NY – April 30, 2019 – TreasuryXpress, the global leader in 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 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.
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 digitize and optimize 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 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,” 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 digitization strategy via a centralized 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 realize 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 digitization 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.
At TreasuryXpress, we specialize in delivering innovative solutions that work for treasury – making it easy to achieve 100% bank visibility, consolidate cash information, manage end-to-end payment processing, and distribute useful and critical reports to all internal stakeholders automatically and efficiently.
Our solutions centralize more than 10,000 bank accounts daily and process electronic payments for over 7 billion USD each year. And, our rapid time-to-market and diverse hosting options make it easy for treasuries to do business with us. From solution development to delivery and service, our teams actively engage with customers regularly and proactively. The result? TreasuryXpress is able provide simply better, more innovative solutions that solve business problems.
ASGC is a vertically integrated construction group that is best known for delivering turn key special projects in the UAE. The company owns the majority of its supply chain and utilizes mostly in-house resources, giving it a high degree of control over project quality and timely delivery.
ASGC has grown progressively over the last three decades with a clear vision for the future. Since 1989, the company has built a reputation for excellence. Over the years, ASGC has been involved in landmark projects across diverse sectors such as residential, commercial, leisure, hospitality, healthcare, education, social infrastructure and industrial.
ASGC has grown to become a key player in the UAE’s construction industry through a commitment to reliability, in-house capabilities and customer dedication. ASGC has delivered numerous projects with exemplary safety records, adhering to strict global health and safety regulations. ASGC employs more than 17,000 construction specialists and workers in the UAE, and boasts a rounded vertical integration of its supply chain through its subsidiaries.