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To consolidate its leadership position and safeguard its vast assets, United Bank for Africa (UBA) has approved the installation of CLIREC, a-state-of-the-art accounts reconciliation software across all branches in Nigeria and in its global operations in 17 countries.
CLIREC, which will enable the bank to reap the rewards of efficient banking operation, is from the stable of Precise Financial Systems (PFS), a bespoke software provider.
The application will run on 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.
Mr Philip Ayeni, Deputy Managing Director, Precise Financial Systems, in a statement said 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 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 requirements, 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.”
