Central Bank of Egypt selects Acumen.plus for compliance and automation

By Edlyn Cardoza

Profile Software, a leading financial solutions provider, has announced today that the Central Bank of Egypt (CBE) has selected Acumen.plus, the internationally implemented Treasury Management System, to effectively manage and streamline their operations whilst experiencing compliance and powerful reporting for reserve and debt management. The platform will be implemented at the Cairo Head office.

The Central Bank of Egypt (CBE) in Cairo has 4 branches in 3 cities. As the largest public financial institution, CBE serves the country by maintaining price stability. Having demanding compliance and reporting requirements, an increasing volume of trades and data, and an extensive universe of instruments, the Risk and Treasury Management System is of paramount importance to CBE. Thus, the search has been extensive.

Following an international vendor assessment, Acumen.plus aims at providing a cross-asset, fully integrated and preconfigured Treasury solution to the Central Bank of Egypt. CBE has been looking for a single platform and central repository with configurable workflows allowing seamless and enhanced straight-through processing (STP). The need to have a flexible, configurable, and dependable settlement processing, accounting engine and real-time mechanisms in all areas, including APIs with market data providers, has been evident.

In addition, CBE requires a tailor-made Front-to-Back solution, that is, for integrated end-to-end treasury operations, including trading, liquidity funding, reporting, hedging, foreign exchange and interest rate risk monitoring. Acumen.plus supports all operations linked to CBE management of investment portfolio, foreign reserves, and various policy-driven asset programs.

Additionally, by moving to one integrated platform and optimising workflows, CBE will significantly reduce cost and complexity, thus benefiting from a secured scalable technology. Embracing modern technology, CBE will run their activities with agility, covering optimally their current and future Treasury requirements.