Johannesburg, 02 May 2001
Demand for online banking by the growing number of West African Internet users has driven Ecobank, the region`s largest banking group, to purchase Global Technology`s GLOBUS Internet banking solution in a R3.6 million deal, clinched at the beginning of April.
Implementation will start immediately, and Global Technology expects Ecobank`s Head Office in Lome, Toga - to be live by June, with the other 11 countries following in due course. It is the first online banking system to cover 12 countries in West Africa
"The system will allow Ecobank`s customers to access all their banking details, from account balances, statements, foreign exchange rates and interest rates, fund transfers, pay bills and perform routine administration tasks online," says Ray Leonard, CEO of Global Technology.
"African banks are leapfrogging technology developments. Whereas many Western Banks have been utilising technology for many years and are battling with backend system integration problems brought about by improved front end delivery mechanisms such as the internet, Ecobank`s solution consists of a fully integrated core banking system, with internet delivery via satellite communications - placing it ahead of many international banks."
Founded in 1985, Ecobank offers full service banking from 42 branches across West Africa. JSE-Listed Global Technology is the leading provider of solutions to the financial communities across Africa and Australia.
"Ecobank`s customers will have a front-end into the bank`s core GLOBUS banking system through the GLOBUS Integrator, which will be installed at their head office in Togo, from which transactions from the other countries will be routed," says Leonard.
GLOBUS Integrator enables the GLOBUS banking system to communicate with ATMs, bank terminals, and external institutions such as tax authorities and third party vendors. It can also integrate with internal systems such as general ledgers and CRM solutions.
"This allows Internet users to bank online in their own currencies," says Leonard, adding that all transactions will use 128-bit encryption. "The telephone services in West Africa are unreliable and as a result, the system will be run on a very small aperture terminal (VSAT) network, reducing the reliance on landlines."
GLOBUS is a modular system that can grow along with the bank`s needs. "The internet banking module was originally developed by Global Technology and purchased by TEMENOS, the developers of the GLOBUS banking system earlier this year. Global Technology provides support for an international product at local currency rates, making it a cost efficient solution," Leonard concludes.
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