ActivEdge Technologies Limited, one of the fastest growing Pan African Information Technology Company has teamed up with its Kenyan partner, Riverbank Solution to build a multiplatform Electronic Journal Management Software, the first of its kind in Africa.
This strategic move is geared towards empowering banks in Africa to seamlessly collect and manage the Electronic Journal records of ATMs deployed in its network into a central pool for onward use by banks for other processes especially reconciliation of transaction.
Banks in Africa face enormous reconciliation challenges and most are running with imbalanced books that run into millions of US dollars posing huge threat to survival of the banks, accuracy of records and payment of claims to customers who suffer ATM Dispense errors.
Following recent implementation of Transaction Lifecycle Management System to some of its client banks, ActivEgde Technologies found a gap in effectively managing this aspect of data for effective ATM reconciliation.
This motivated us to commence a research in conjunction with our Kenyan partners – Riverbank solution towards ensuring that banks desiring to accurately reconcile ATM transactions can seamlessly pick EJs from ATMs in their network to perform near online real-time data reconciliation and manage claims in the event of ATM dispense errors without impeding the performance of ATM network.
This gave rise to creation of experienced team of developers who have deep understanding of the local challenges especially in Nigeria and Kenya and are able to address the variety of challenges faced by the banks in these countries.
According to Nicholas Mwendwa CEO of Riverbank, “this success will come as a huge relief to banks in Africa who have immense need for accurate and near real-time reconciliation. In the near future, this solution will also be perfected for movement of recorded videos files in the ATMs at off peak hours to help banks monitor and attend to incidences in ATMs. We are very excited at the interest that this development has generated in a very short time by banks in Nigeria, Ghana, Uganda and Kenya who are in a hurry to have these challenges behind them. Our target is to have this solution deployed in as many as 50,000 ATMs between now and the end of 2015”
Speaking at the product lunch ceremony, Emmanuel Kalu who is the chief technology officer of ActivEdge Technologies commended the spirit of collaboration by Activdge Technologies and Riverbank as well as the cooperation of other stakeholders especially some banks in West and East Africa who volunteered information about their challenges and allowed use of their operating environment for effective testing of the solution.
He believes that the cross pollination of ideas between the developers and ex-bankers from the two regions who worked on this project enabled the team to have a very wide perspective of the common challenges faced by banks and how best to address them.
Emmanuel further said “This is the first time that I have seen two independent companies from two separate regions share codes and collaborate to build an application based on local knowledge and elaborate customer feedbacks. It took us about 3 months to both architect and deliver the product which is now GA (generally available) and I am very happy that we have a product that can address the ever lingering challenges of EJ management and ATM transaction reconciliation.”
Electronic Journal Manager – EJ Manager is a scheduled web service that streamlines the collection and management of Electronic Journals of ATMs of Banks in a centralized manner.
Banks need solutions that can help them ensure that all transactional data from ATMs are fully collected into a central pool. Apart from collecting these journals from ATMs, the system also has the capability to inform banks of ATMs who may not have submitted their EJs as well as those who may have network issues. With this data available in a centralized location, banks can now carry out other processes ranging from reconciliation, ATM monitoring, etc. NigerianCommunicationsWeek
