Following its recent $1.2 billion acquisition of global foreign exchange firm Travelex, UAE Exchange has moved to streamline and improve its financial planning, forecasting and budgeting capabilities with the implementation of SAP solutions. Freya Purnell reports.
UAE Exchange is one of the world’s largest remittance, foreign exchange and payment solution brands in the world, with almost 800 direct offices in 31 countries. It has correspondent banking relationship with over 140 global banks, and over 13.2 million customers.
With the company experiencing exponential growth worldwide, and recently acquiring global foreign exchange giant Travelex, UAE Exchange was looking to minimise resources and time on the budgeting cycle. It was also seeking to streamline its planning process and produce statutory and management reports that would assist the business to adapt to constantly changing market conditions.
UAE Exchange worked with MDS ap, an SAP Gold Partner and enterprise performance management expert in the EMEA region, to complete a company-wide implementation of SAP Business Planning and Consolidation (SAP BPC).
The project aimed to unify planning, budgeting and consolidation of UAE Exchange’s complex and globally distributed branches and business entities, enabling automated consolidation of the entire group’s financial statements.
SAP BPC will significant reduce the total turnaround time of the group’s global financial consolidation process, but will also allow UAE to consolidate accounts on a monthly basis rather than just once a year.
“To keep UAE Exchange ahead of the global competition we need to stay adaptive, make plans and decisions quickly based on timely and accurate financial data. SAP BPC solution implemented by MDS ap, gives us the exact essential capability to be efficient and agile in our financial management,” said T. P. Pradeep Kumar, CFO, UAE Exchange.
“This is of paramount importance to us especially right now as we go through the phase of restructuring the group following the recent acquisition of Travelex.”
The financial management team will have a unified and consolidated view of all financial and planning data, allowing them to reduce planning cycle time, best align plans with the company’s strategic goals, and conduct what-if analysis and scenario planning.
On the project, Tayfun Topkoc, managing director, SAP UAE, said, “Real-time analytics are the heart of UAE Exchange’s long-term digitization strategy, powering their back-end operations and front-facing customer services. We’re continuing to co-innovate with UAE Exchange, combining our partnership with MDS ap and global best practices to ensure that UAE Exchange is one of the leading remittance, foreign exchange and payment solutions brands in the Middle East and even worldwide.”