Business & Money | Sunday 31 January, 2016 12:59 pm |

 and Consolidation Solution Goes Live

 

The Software Solution provides UAE Exchange with advanced planning, forecasting and budgeting capabilities

 

News facts:

 

• SAP BPC solution goes live at UAE Exchange allowing for automated consolidation of the entire group’s financial statements
• SAP Gold partner and regional enterprise performance management expert, MDS ap, completed all implementations
• SAP BPC will significantly reduce TAT (Total Turn Around Time) of the group’s global financial consolidation process
• The solution will also enable UAE Exchange to consolidate accounts on a monthly basis rather than only once a year

 

 

 

UAE Exchange, one of the world’s largest remittance, foreign exchange and payment solutions brands, has completed company-wide implementation of SAP Business Planning and Consolidation (SAP BPC), an integrated Enterprise Performance Management (EPM) solution for the financial departments. 

 

SAP BPC was implemented by MDS ap - a gold partner of SAP and regional expert in SAP EPM solutions. The project is aimed at unifying planning, budgeting and consolidation of
UAE Exchange’s complex and globally distributed branches and business entities.
UAE Exchange employs over 9,000 staff and operates through close to 800 branches in 31 countries. Last year the shareholders of UAE Exchange acquired Travelex, the world’s leading foreign exchange specialist.

 

The application will bring finance and operations together and gives the financial management team a unified and consolidated view of all financial and planning data, allowing them to reduce planning cycle time, close the books faster and best align plans with the company’s strategic goals. It also allows the finance team to conduct what-if analysis and scenario planning.  

 

"The financial services world is a dynamic place. 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. 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.” said T.P. Pradeep Kumar, CFO, UAE Exchange. 

 

Tony Achkar, Group Managing Director, MDS ap said: “We have been working very closely with UAE Exchange for over two decades since we first brought Sybase Database into the Middle East region. When you have a client for this amount of time, you literally make their business your business, and their challenges your own challenges too.  We are very happy and proud to see SAP BPC is helping raise the financial management and planning maturity at UAE Exchange, making the group ready for further global growth and greater success.”  

 

Tayfun Topkoc, Managing Director for 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.”

 

(ends) 

 

About MDS ap: 

 

MDS ap helps customers run their businesses better leveraging technology from SAP and other best of breed industry solution providers. We offer high quality and professional services delivering world-class integrated solutions including Data Management, Enterprise Performance Management (EPM), Group Finance, Business Analytics and Multi-Channel Banking Solutions.

 

MDS ap is part of the Midis Group, we maintain twelve offices across the Middle East, North Africa, Turkey and Central Eastern Europe. For more information on MDS ap please visit: www.mdsaptech.com

 

MDS ap is a full member of EPM International and has access to EPMi’s global resources. For more information on EPMi please visit: http://www.epm-international.com/

 

About UAE Exchange:

 

UAE Exchange is a leading global money transfer and foreign exchange brand trusted by millions of customers and partners, across the world. UAE Exchange is known for their quality and customer-centric approach. Started over 35 years ago, their consistent world class service has earned the trust of over 13.2 million customers, worldwide. With close to 800 direct offices in 31 countries across five continents, UAE Exchange is the only brand in the segment to own a global network of this magnitude. Their correspondent banking relationship with over 140 global banks adds to this strength.

 

For more information log on to: www.uaeexchange.com