Family Bank in Kenya deploys Acumen-net for its Treasury and Risk Management operations

Profile Software, an international financial solutions provider, announced today the successful implementation of Acumen^net, the independent treasury solution developed by Login SA, a Profile company, in Family Bank, Kenya.

With a branch network of 93 outlets and over 1.8million customers, Family Bank is the 5^th largest bank in Kenya experiencing a growing balance sheet and deposit base. The Treasury Department of the bank is very active in the local Inter-bank money market and foreign exchange and is committed to providing superior service and value for money. It offers a broad range of products and services and continuously endeavours to keep its customers updated with the latest developments and trends in the local and global financial markets.

The bank selected and deployed Acumen^net, the comprehensive Treasury Management system, to effectively support Treasury Department’s growing operations. It will act as the backbone of all treasury transactions, as it includes all dealing systems and ensures reliable STP with real-time interfaces upstream from several trading platforms and downstream to the back office solution. Acumen^net covers all financial products, such as MM, FX, securities, repos and customer loans/deposits. Position keeping is efficiently monitored both on interbank deals side (FX position, Bond position) and on customer deals side (real-time upload of all customers orders input nation-wide through the branches and subsequent executions). With the use of Acumen^net, the bank will benefit by having a complete view of the exact FX position, making sure intraday and overnight limits are under control.

In addition, Family Bank selected Acumen^net Risk Management modules to safeguard the business from counterparty risk, by utilizing the tools available to manage deriving risks, thus preventing any defaults through facilities, like delivery versus payment. Acumen^net enables the bank to successfully manage all related risks in the entire trading activities, so as to profitably achieve its business objectives. The bank will experience compliant workflow functionality for credit risk and settlement risk limits with a smooth monitoring of limit utilization.

Roseanne Wanjiru Ndungu, Head of Treasury, states: “Our Treasury Department requirements are pretty demanding. Our key reason for selecting Acumen^net was the flexibility, automation and easy integration it provides to our operations to manage a huge number of transactions in real-time and with ease. The Risk Management functionality will also allow the bank to monitor and manage possible scenarios that will ensure compliance and proactive control to the business”.

The solution offers Straight Through Processing (STP) with intermediate checking points. It easily integrates with any back-end system, delivering utmost flexibility to the bank for seamless operations and competitive user and customer experience.