UBA deploys CLIREC banking software in 17 countries
THE management of United Bank for Africa [UBA] has approved the implementation of accounts reconciliation software, CLIREC, across all branches in Nigeria and global operations in 17 countries. According to information gathered at the weekend, CLIREC, which will enable the bank to reap the rewards of efficient banking operation, is from the stable of Precise Financial Systems [PFS], an indigenous software provider.
The application will run in the bank’s operations in Nigeria, Ghana, Burkina Faso, Guinea, Liberia, Benin and Cameroon. Other countries are Kenya, Senegal, Uganda, Congo, Zambia, Tanzania, Gabon, Chad, Congo DR and Mozambique. In a statement signed by deputy MD of PFS, Philip Ayeni, CLIREC gives UBA control of its internal systems, particularly as “it concerns the reconciliation of Electronic Funds Transfer [EFT] transactions”.
CLIREC brings to UBA a culture of timely, accurate and reliable accounts reconciliation system. The application, he informed, provides UBA a completely stress-free method of staying in control of all reconcilable accounts across the organization while optimizing its human resources.
He added that “the software integrates all classes of reconciliation efforts in the bank: primary departments and regions managing the accounts, control and audit reports requirement, users access to the system irrespective of location or responsibility and direct interface of the platform with the bank’s core banking application for data integrity and accuracy”.
He explained that the company’s solution would be the foundation of accurate accounts reconciliation in the banking sector, adding that its wealth of experience in the financial industry backed by strong local service “is an asset to organizations in Nigeria and Africa”.
It would be noted that Union Bank has also gone live with the auto-reconciliation application after a successful implementation of CLIREC to handle the bank’s EFT, settlement accounts, NOSTRO and Internal Accounts. Aside UBA and Union Bank, 12 other banks have already implemented CLIREC while about 46 public sector institutions, oil companies, telecommunications companies, manufacturing outfits, airlines and logistics are also running the application.