EXECUTIVE SUMMARY:
JUMO, a leading Banking as a Service platform utilising AI-powered financial services in emerging markets, invested in a treasury management system to connect their banking landscape for real-time cash visibility, enhanced cash management and a central payments hub. JUMO partnered with TreasuryONE to implement and support the Treasury Management System (TMS). The TMS provides JUMO with a centralised payments factory, streamlined cash management processes, enhanced reporting capabilities, and comprehensive fraud protection measures.
CLIENT PROFILE:
-
- Company: JUMO
- Headquarters: South Africa
- Founded: 2015
- Company size: 250+ employees
- Industry: Financial services
- TreasuryONE services selected: Treasury Management System
CHALLENGES:
- Large Volumes of Payments in Africa: JUMO processes a significant number of payments across multiple countries, requiring a robust system to manage and execute these transactions efficiently.
- Real-time Cash Visibility: Accurate and up-to-date cash visibility was crucial for JUMO’s day-to-day cash management and payment operations, enabling timely decision-making and forecasting.
- Payment Fraud Risks: With the rise in payment fraud, JUMO recognised the importance of implementing a centralised payments factory to enhance risk mitigation measures and protect their financial transactions.
SOLUTION:
JUMO selected TreasuryONE as the local implementation and support partner. TreasuryONE’s indepth bank connectivity and ERP integration skills guided the team in most cost effective and robust connectivity solutions to the JUMO banking footprint. The TMS provided the following key benefits:
- Cash Holdings and Forecasting: The TMS offered JUMO a comprehensive overview of their cash holdings across the group. Additionally, it enabled more accurate cash forecasting and facilitated payments execution from a central platform, streamlining the cash management process.
- Cash Visibility and Reporting: The TMS enhanced JUMO’s cash visibility by allowing them to report in multiple currencies at any given time. This provided a real-time snapshot of their financial positions and facilitated better financial decision-making.
- Bank Connectivity: The TMS seamlessly connected JUMO to multiple local and international banks, enabling efficient receipt of bank statements and execution of payments.
- Fraud Protection and Detection: TreasuryONE’s TMS offered comprehensive and enforceable payment policies, workflows, and rules. It also embedded fraud protection and detection procedures to safeguard JUMO’s payment transactions and reduce the risk of fraud.
- Streamlined Liquidity Management: The TMS streamlined JUMO’s liquidity management process, ensuring optimal utilisation of funds and improved financial controls.
RESULTS:
By partnering with TreasuryONE and implementing their TMS, JUMO achieved significant results and benefits:
- Enhanced Decision-making: The TMS provided JUMO with real-time cash visibility, enabling informed decision-making based on accurate financial information. This facilitated proactive financial planning and optimised resource allocation.
- Increased Efficiency: The centralised payments factory streamlined JUMO’s payment operations, reducing manual efforts and improving operational efficiency. This allowed JUMO’s finance teams to focus on value-added tasks rather than manual payment processing.
- Risk Mitigation: With comprehensive fraud protection measures in place, JUMO successfully mitigated payment fraud risks. The TMS enforced payment policies and workflows, minimising the potential for fraudulent activities and ensuring compliance with regulatory requirements.
- Simplified Financial Processes: TreasuryONE’s TMS simplified JUMO’s complex financial processes, providing a standardised and automated platform for payments capture, approval, and execution. This eliminated manual errors and enhanced overall process efficiency.
- Access to Expert Support: JUMO benefited from TreasuryONE’s expertise and support throughout the TMS implementation. TreasuryONE offered comprehensive scoping, integration, training, and ongoing support services, ensuring a seamless experience for JUMO’s IT and treasury resources.