Barclays Bank Mozambique goes TM1

MCI Consultants, the leading distributor for Cognos/Applix’s TM1 product in South Africa, today 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 second 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,” commented 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,” added Madeira. “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 are delighted that TM1 has been adopted by Barclays Bank Mozambique, as this further enhances our presence within the Barclays and Absa Group of companies, particularly on the African continent,” concluded Aliki Droussiotis, Director of MCI Consultants. “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.