Breaking News
WEMA Bank Deploys Kachasi Trade Finance Software
Emma Okonji
Wema Bank Limited, a financial services provider, has gone live on Kachasi Trade Finance Software in order to achieve full automation of the trade finance operations.
Union Systems Limited, who made the disclosure in a recent statement, said the bank went live on the software on August 15, 2022.
According to the statement, the journey began in March 2022 when WEMA Bank chose Union System’s Kachasi over all other international trade finance software in the market.
Kachasi is the first indigenous trade finance software application built to automate the entire lifecycle of international and domestic trade finance operations, and it is the result of over 20 years of experience implementing and customising various international trade finance software applications for banks across Africa. The software is the first of its kind, light years ahead in terms of its intuitive design and functionalities.
Divisonal Head of Operations and General Service at WEMA Bank, Tajudeen Bakare, said as Africa’s first fully digital bank, WEMA Bank was again at the forefront of providing innovative digital solutions to its customers, following the successful deployment of the software.
According to Bakare, “We are pleased to be joining the league of banks around the world that are using technology to transform trade finance operations. This project will significantly reduce turnaround time, improve operational efficiency, and unlock new revenue streams for the bank. It will also improve the bank’s ability to respond quickly to regulatory policies and updates”
Speaking on the project, Divisional Head, Client Service, Union Systems Limited, Seun Adeleye, said: “Our enterprise project delivery methodology, superior domain expertise, and the Wema Bank team’s matching determination, dedication, and support resulted in the project being completed in a record time of four months. This has been a model implementation, demonstrating what can be accomplished through effective collaboration between African financial institutions and competent indigenous technology vendors.”
The successful go-live of the project is a major milestone for Union Systems Limited as it highlights the organisations’ competence and commitment to delivering value.
Post go-live, Kachasi has been integrated to Wema Bank’s Alat Platform – a digital internet banking solution and Newgen, the bank’s Enterprise Content Management system.
