Profile Software, an international financial solutions provider, announced today the selection of Login’s Acumennet by Orient Bank in Uganda. Acumennet is a complete web-based Treasury Management platform that caters for front-to-back operations and risk management.
Founded in 1993, Orient Bank is a leading commercial bank based in Kampala with 23 branches across the country.
It provides all types of commercial and personal banking services with total assets of 680bn UGX (180mn USD) in December 2017. The Treasury department is dealing in FX, MM, Repos/Reverse repos and Securities. They were looking for a flexible, easy to integrate and robust solution to support their operations.
Following an international vendor assessment, the bank selected Acumennet due to its real time, automated and powerful capabilities for reporting and STP (Straight Through Processing). In particular, Acumennet as a front-middle office and risk management solution will enable them to efficiently manage all pertinent functions in the most advanced manner. The solution allows for STP handling of treasury transactions imported in real time from various platforms, including their existing Core banking Flexcube release 12.
By being a truly flexible treasury management solution, Acumennet empowers the bank to monitor all Treasury related elements ranging from positions to accrual calculation. It manages the full process of customer bond orders and execution on the primary market, while checking limits in real time with automatic generation of SWIFT confirmations.
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The solution also supports risk management functions for counterparty risk, market risk and offers a comprehensive approach to handling risk related issues so as to safeguard the bank’s operations.
According to the Orient Bank Head of IT, Kumar S.N.V.S.: “Acumennet offers a full STP and automated approach to our treasury department’s requirements. It updates in real time position for powerful reporting, while seamlessly integrating with the back office system. The Risk Management module available will allow us to carefully monitor risk and comply with ease to current and future regulatory requirements”.