JSE-listed Global Technology`s banking division has installed a R3.5-million Internet banking system at Ecobank, a West African commercial bank.
All Ecobank`s customers will have a front-end into the bank`s core banking system and the Internet banking solution will improve Ecobank`s service delivery to its customers by allowing them to do banking online.
Ecobank operates in11 West African countries, in Togo (head office), Benin, Ivory Coast, Ghana, Burkina Faso, Guinea, Liberia, Mali, Niger, Nigeria and Senegal
Global Technology is a leading provider of solutions to the financial services industry across Africa and Australia. The company`s banking division provides implementation and support using its own resources and those of its country and regional business partners.
Ecobank has purchased Global Technology`s Globus Internet banking system and Globus Integrator. Globus is an integrated real time system, which provides flexible solutions for financial institutions. With the Globus Internet banking system registered customers can use direct dial-up or the Internet to conduct their banking remotely, 24 hours a day and seven days a week from anywhere in the world.
Globus Integrator is an interface allowing for the creation of interfaces between systems and devices. It enables the Globus system to communicate with ATMs, EFTPOS terminals, and external devices such as tax authorities and third party vendors, plus it enables communication between internal systems, such as general ledger, and CRM systems.
According to Marina Denisova, account manager for Global Technology`s banking division, Ecobank`s Globus core system is installed at all its banks in the 11 countries. "The Internet banking application will be installed only at head office in Togo, and Integrator will be installed at head office and in the other10 locations.
"This arrangement will provide Internet banking to bank customers in the 11 countries, each in their own local currency, with Integrator providing the interface to the Globus system in each country. "
She says Ecobank`s customers can now access all their banking accounts to view account balances and statements, foreign exchange rates and interest rates. Plus they can transfer funds between linked accounts, download bank statements electronically, pay bills and predefined accounts, set up, change or cancel standing orders, order cheque books, and change their pin online.
"All Ecobank`s customers need is PC with Internet access, or modem dial up access to the bank, and a browser that supports 128 bit encryption. Globus runs on Windows 95, 98 or NT and no additional software is required. It is also secure, protecting Ecobank and its customers."
Denisova says Internet Banking will be predominantly for Ecobank`s corporate as opposed to individual customers. She relates that the telephone system in West Africa is in bad shape so the application will be run over a VSAT network, reducing reliance on landlines
"The major benefits which Ecobank will derive from the system is that it is fully integrated, has facilities to make quick changes and has sound information extraction capability. Globus is also an open system and can therefore interface with SWIFT, Reuters, and ATM systems.
"It is a tried and tested system and Global Technology provides local support for an international product. Providing support at local rather than European or US rates makes it a cost-effective solution.
"In addition Ecobank`s customers will be able to take advantage of future Internet and electronic banking developments," Denisova says. " It is a fully modular system allowing the bank to install only those modules that it immediately requires, but having the ability to add modules as the need arises."
Denisova says West African banking is becoming increasingly competitive and by installing the system Ecobank will raise the barriers to entry by competitors such as, Barclays Bank and Standard Chartered Bank.
She adds that Global Technology is continuing its international expansion, particularly throughout Africa, providing IT solutions to its clients in an increasing number of countries. "The banking division has extensive knowledge of the emerging market business environment as well as proven expertise and business experience in established economies."
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