Following this announcement, Mashreq’s cash management team worked with multiple units within LuLu in order to understand requirements and establish how the entity’s systems interacted, with the aim of finding an optimal service to streamline operations and improve efficiency.
In addition, the partnership aims to overhaul many of LuLu’s financial functions, including transactions, liquidity management, and process automation. The companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
A core element of the transformation plan was the development of a single platform via which LuLu will have the possibility to benefit from full visibility of its finances and manage multiple of its financial functions, beginning with centralized payments and fund transfers. At the same time, the application programming interface (API) will enable LuLu to view balances in real-time, make instant payments to suppliers, and move funds across the region.
Kyriba, a global company focused on cloud treasury and finance solutions, designed the platform on which the revamped finance operations will run. Included in the benefits of the new platform are 360-degree visibility and control, automated reconciliation, process and policy alignment across markets, liquidity optimisation of fraud and risk control, cost savings, as well as increased automation, efficiency, and a reduction in manual intervention.
According to officials of the companies, implementation of the transformation plan is staggered, with the first phase involving 35 plus banks getting integrated into a single platform, a process that aims to enhance efficiency and transparency in the firm’s treasury operation. The solution is expected to be rolled out across all its markets in the coming months for centralising vendor payments and other treasury functions.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now