Citibank, Scala to provide e-banking solution in Middle East
Scala Business Solutions and Citibank e-Business, a division of Citigroup global financial services company, have partnered to provide companies with an end-to-end corporate online banking solution.
The solution, which will help to streamline processes, manage costs, and increase profits for end-users, is ready for immediate implementation in the Middle East with plans to be deployed globally within the coming year.
Traditionally, businesses seeking to benefit from online banking have had to install multiple, costly, connectivity software packages to create an integrated solution with their ERP software, stated a company press release. The joint offering now provides businesses with a single platform from which to conduct all financial transactions. This solution enables online integration of data from the company's back office processes with its central banking transactions.
“Tracking every financial transaction within a company is no longer a matter of choice, it's a matter of survival,” says Ziad Aqrabawi, Scala's Regional managing director in the Middle East. “Launching a joint solution in the Middle East with Citibank, the global leader in web enabled banking solutions, underscores our commitment to the region.”
Aimed at the region's multinational corporations yet to adopt online banking, the joint initiative seeks to eliminate low value-added tasks in the back-office while increasing financial control and accountability.
“With less than half of the region's major businesses currently benefiting from online banking, Citibank sees a large window of opportunity to streamline and lower implementation costs through a jointly-driven initiative with Scala to offer seamless integrated solutions to our customers,” says Sankar Krishnan, Citibank e-Business regional head of the Gulf and Pakistan.
Available in more than 30 languages, Scala software provides the head office with a standard ERP system for effective reporting and data collation. Scala's regional network in the Middle East targets SMEs and subsidiaries of multinational companies with a Middle East presence and includes partners in Kuwait, Pakistan, Jordan, and Morocco as well as subsidiaries in Dubai, Saudi Arabia, and Egypt. Scala is listed on the Euronext Amsterdam Stock Exchange. 2001 revenue was USD 70.6 million.
Citibank e-Business provides solutions that empower corporations and financial institutions globally to connect to the Web, transform their business using Internet-related technologies and extend their reach to new markets. — (menareport.com)
© 2002 Mena Report (www.menareport.com)