MCI Consultants, a distributor for Cognos/Applix’s TM1 product in South Africa, has announced that Barclays Bank Mozambique, a member of the Absa Group and the bank with the second largest footprint in Mozambique, had embraced TM1 as its reporting tool.
Barclays Bank Mozambique has 52 branches spread across Mozambique and boasts the largest ATM network in the country.
“We needed to streamline our finance department’s reporting processes that included not only our internal and group reporting, but that required by Bank of Mozambique,” says Fernando Madeira, Head of Finance at Barclays Bank Mozambique. “TM1’s OLAP engine, which provided the capability to have several different account roll-ups, facilitated the production of the relevant financial reports to suit these different audiences.
“In addition, as we are part of the ABSA group, but based in Mozambique, the capability to have multi-lingual reporting in Portuguese or English was also desirable. TM1 provided this functionality through the use of aliases.”
TM1 is updated daily with management information in multiple currencies, by branch and in addition to key performance indicators, TM1’s rules calculation engine performs automated cost-driver-based allocation of support function charges to business as well as funds transfer pricing.
“We have been able to reduce the time taken to produce the reports that we require,” says Madeira. “Reserve Bank DI reports, which previously took several days to produce using spreadsheets containing information on risk weighted assets, are now also produced timeously.”
Aliki Droussiotis, Director of MCI Consultants, adds: “We are delighted that TM1 has been adopted by Banco Austral, as this further enhances our presence within the Barclays and Absa Group of companies, particularly on the African continent. We are also very fortunate to have a Portuguese speaking TM1 consultant as a member of our staff team as this helps to minimise any potential language misunderstandings that could arise.”