Group Fawaz A. Alhokair & Co. Establishes Treasury STP with TreasuryXpress
Retail giant streamlines treasury, banking, and payments in the Cloud
NEW YORK, July 18, 2017 /PRNewswire/ -- TreasuryXpress, the global leader in frictionless and on-demand treasury management solutions today announced that Group Fawaz A. Alhokair & Co. (FAH), the largest franchise fashion retailer in the KSA, MENA, Central Asia, and Caucasus regions, has selected the firm's enterprise treasury management solution, C2Treasury™. After an intensive RFP process, C2Treasury was selected by FAH to help achieve deeply integrated straight-through processing with the firm's multiple ERP systems. The retail company will now establish real-time bank communications and centralize cash visibility.
Established in 1991, FAH currently represents 116 fashion brands including Aldo, Banana Republic, Clarks, Marks & Spencer and more. FAH trades in more than 2,100 stores across 100 shopping malls in 17 countries. The breadth of their business translates into complex bank communications, cash visibility, and reporting requirements.
"My goal was to implement one software across all of our international businesses. From cash visibility to centralized bank reconciliation and reporting, I wanted a treasury management system that could communicate with my ERPs, my banks, and my market data providers," says Ziad El Khoury, Treasury Director at FAH. "I will now be able to do this with TreasuryXpress. With a higher developer-to-sales ratio than any other TMS provider in the space, they are truly committed to making technology that works for treasury. I know they are focused on supporting our growing business at scale."
"Treasury is witnessing an evolution. Today, treasury technology needs to be highly cooperative with other platforms – quickly. Long, drawn out custom integrations are just not acceptable. Leveraging current Cloud technology, we have structured TreasuryXpress to be nimble and fully responsive to the needs of growing businesses," say Anis Rahal, CEO and Founder of TreasuryXpress. "FAH is setting the standard for other retail treasuries to streamline their technology infrastructure and we are honored they have chosen us as their partner for treasury innovation."
C2Treasury provides companies of any size access to enterprise-level cash visibility, liquidity management, bank connectivity, payments workflow, and self-service custom reporting capabilities. Characterized by immediate logon access and short implementation times of less than eight weeks, C2Treasury is TreasuryXpress' flagship on-demand treasury product.
ABOUT TREASURYXPRESS
TreasuryXpress, a global FinTech provider, was created with one simple aim – to give all companies powerful, cost-effective, and easy-to-implement Treasury Management capabilities that empower them to be able to work smarter!
Our solutions centralize more than 10,000 bank accounts daily and process electronic payments for over 7 billion USD each year.
Visit us at www.treasuryxpress.com or email [email protected] for more info.
About Alhokair Fashion Retail
Fawaz A. Alhokair & Co (known as "Alhokair Fashion Retail") was formed in 1990 by Fawaz, Salman and Abdulmajeed Alhokair. The company has since become the largest franchise retailer in the KSA, MENA, Central Asia and Caucasus regions, and is the only public listed business of its type in the Middle East.
Since the opening of our first store in 1991, Alhokair Fashion Retail has grown considerably and now trades in more than 2,100 stores across 100 shopping malls in 17 countries, with a retail platform operating on a total GLA of over 600,000 m 2. All of this is ably managed by a workforce numbering more than 12,000. Alhokair Fashion Retail currently represents over 116 fashion brands, across a diverse platform covering Womenswear, Menswear, Kids & Baby, Department Stores, Shoes & Accessories, Cosmetics, F&B, and Entertainment.
Press Contact:
Tracy Kantrowitz
Salt 5 Marketing, LLC for TreasuryXpress
Phone: +469.294.1276 | Email: [email protected]
SOURCE TreasuryXpress
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