Mashreq & Kyriba partner to streamline LuLu Group’s financial operations
By Gloria Methri
Mashreq has partnered with Kyriba, to orchestrate a customised transformation plan for LuLu Group International (LuLu)’s financial operations.
LuLu, a multinational conglomerate with hypermarket business across GCC, is in partnership with Mashreq and Kyriba to overhaul many of its financial functions, including payments, liquidity management, and process automation. Mashreq’s cash management team worked with multiple units within LuLu to understand requirements and establish how the entity’s systems interacted, with the aim of finding an optimal solution to streamline operations and improve efficiency.
A core element of the transformation plan was the creation of a single platform via which LuLu can enjoy complete visibility of its finances and manage several of its financial functions, beginning with centralised payments and fund transfers. The application programming interface (API) currently enables LuLu to view balances in real-time, make instant payments to suppliers and move funds across the region.
Joel Van Dusen, Group Head of Corporate and Investment Banking at Mashreq, said, “In alignment with our aim of being the region’s most progressive bank and enabling innovative solutions for our customers, we welcomed the opportunity to add value to LuLu’s operations. Working with Kyriba, we were able to identify challenges and needs and create a more efficient finance landscape to future-proof the business. We look forward to further expanding the transformation plan in the coming months and to a continued successful partnership with Kyriba.”
Kyriba, a specialist in cloud treasury and finance solutions delivering mission-critical capabilities for cash and risk management, payments and working capital solutions, created the platform on which the revamped finance operations will run. Benefits of the new platform and transformation plan include 360-degree visibility and control, automated reconciliation, process and policy alignment across markets, liquidity optimisation, enhancement of fraud and risk control, cost savings, increased automation and efficiency, and a reduction in manual intervention.
Amer Chebaro, Sales Leader, CEMEA at Kyriba, said, “As a global leader in Liquidity Performance, Kyriba is delighted to be working in partnership with Mashreq to provide LuLu Group International with the right solutions to help meet its requirement to manage and gain full visibility of its finances via a single platform.”
EP Nampoothiri, Director of Finance at LuLu, said, “As Lulu embarks on the journey of public listing, we are equally committed to transforming our treasury operations. Our collaboration with Mashreq and Kyriba will empower us to enhance financial efficiency, drive sustainable growth, and deliver exceptional value to our stakeholders. This strategic partnership not only positions us at the forefront of financial innovation but also reinforces our dedication to excellence in every market we serve.”
Implementation of the transformation plan is staggered, with the first phase involving 35 plus banks getting integrated into a Single platform, which enhances efficiency and transparency in our treasury operation. The solution will be rolled out across all our markets in the coming months for centralising our vendor payments and other treasury functions.
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