Family Bank in Kenya selected and deployed Acumennet, the comprehensive Treasury Management system developed by Login SA, to effectively support Treasury Department’s growing operations.
With a branch network of 93 outlets and over 1.8million customers, Family Bank is the 5th largest bank in Kenya experiencing a growing balance sheet and deposit base. The Treasury Department of the bank is very active in the local Inter-bank money market and foreign exchange and is committed to providing superior service and value for money. It offers a broad range of products and services and continuously endeavours to keep its customers updated with the latest developments and trends in the local and global financial markets.
The platform will act as the backbone of all treasury transactions, as it includes all dealing systems and ensures reliable STP with real-time interfaces upstream from several trading platforms and downstream to the back office solution. With the use of Acumennet, the bank will benefit by having a complete view of the exact FX position, making sure intraday and overnight limits are under control. In addition, Family Bank selected Acumennet Risk Management modules to safeguard the business from counterparty risk, by utilizing the tools available to manage deriving risks, thus preventing any defaults through facilities, like delivery versus payment.
Roseanne Wanjiru Ndungu, Head of Treasury, states: “Our Treasury Department requirements are pretty demanding. Our key reason for selecting Acumennet was the flexibility, automation and easy integration it provides to our operations to manage a huge number of transactions in real-time and with ease. The Risk Management functionality will also allow the bank to monitor and manage possible scenarios that will ensure compliance and proactive control to the business”.