Wema Bank, a leading financial service provider, has gone live on Kachasi Trade Finance Software to enable the achievement of full automation of trade finance operations.
This development was announced by Union Systems Limited, an Information Technology Company that provides financial software solutions and professional services to major banks in Africa.
The bank went live on the 15th of August 2022. 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 customizing 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.
As Africa’s first fully digital bank, WEMA Bank is again at the forefront of providing innovative digital solutions to its customers.
Following the successful deployment of the software, Tajudeen Bakare, Divisional Head of Operations & General Service, at WEMA Bank said “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 the 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”
Also speaking on the project, Seun Adeleye, Divisional Head, Client Service, Union Systems Limited 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 (4) 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 organization’s competence and commitment to delivering value.
Kachasi has been integrated into Wema Bank’s Alat Platform – a digital internet banking solution and Newgen, the bank’s Enterprise Content Management system.