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When TymeBank needed a new financial management system they chose Sage X3 and SynergERP as an implementation partner.

TymeBank was part of Commonwealth Bank Australia until it was bought out by African Rainbow Capital in November 2018. Following the buyout, TymeBank went on to prepare for the launch of a South African registered, digital bank in February 2019. The challenge was to move from the original holding company’s Oracle system to Sage X3 in a very short period and be up and running in time for the launch of the new digital bank.

Background

The bank required a business management solution that was quick and flexible to implement. Sage X3’s modular solution offers this as it can be built over time without the need to purchase and deploy all modules at once. TymeBank took into consideration several other factors when considering a new solution. Firstly, being a Fintech organisation, they had specific requirements such as the ability to integrate into their bespoke banking system. Secondly, being a small entrepreneurial organisation, they needed a cost-effective solution in terms of purchase and maintenance costs without compromising on functionality.

“I looked for scalability in a system so that it would grow with the organisation. Also, that there would be harmony between the financial systems, datasets and core banking system,” explained Amal Desai, CFO at TymeBank.

TymeBank

Sage X3 Meeting the Needs of a Digital Bank

Following engagement with SynergERP, TymeBank looked at the capabilities that Sage X3 offered, and they decided that it met the requirements for the digital bank. “On all fronts, as we evaluated Sage X3, we could see how intuitive it is, how easy it is to access information, to process an invoice, or raise a purchase order,” said Desai

Cloud deployment was also an essential requirement. Desai explained, “As a digital bank it’s exactly where we as an organization are, so it fitted within our architecture.” A cloud solution also ensures that the team can essentially work from anywhere, which allows for a seamless transition to remote working when required.

A key benefit of the system noted by Desai was, “We linked Sage X3 directly to our core banking system which in turn fed our general ledger every day. I can pull a ledger every morning and see what my trial balance looks like on a consolidated basis.” Having an open system that could easily integrate with other systems made these real-time insights available.

In terms of significant improvements in the business Desai explained, “Turnaround time from raising an invoice to payment of an invoice was historically a challenge with our previous system. That all disappeared because with Sage X3 we can see exactly where an invoice is in the process. So, from that perspective, it’s created transparency which allows us to proactively manage invoices and purchase orders.”

SynergERP and Sage Making it Work

As the implementation time frame was short, 3 months, it took immense energy from both SynergERP and TymeBank’s project teams. Reflecting on the partnership with SynergERP Desai said, “The SynergERP team were fantastic through the project process. Project pain points were dealt with in a straightforward manner so that we could meet our deadlines.”

Aside from the core Sage X3 implementation, TymeBank also deployed the complementary Certify solution for expense management. Managing expenses had been a specific pain point in the business as they had a manual paper-based process.

Bank

An example of how Certify improves efficiencies is that it enables employees to simply take a photo of receipts with their mobile device and the information is automatically added to expense reports. Post-implementation the project team received many compliments from the business and employees said this solution had made claiming expenses a less onerous task.

Innovation and the Future

As part of their go-to-market strategy, TymeBank partnered with Pick n Pay and Boxer retail chains creating a significant distribution footprint for their offering. This partnership provides customers 14 000 till points where they can withdraw and deposit their money. TymeBank has also rolled out bank kiosks across the country and currently have circa 700 kiosks in operation.

As TymeBank manufacture their innovative banking kiosks, they need a system that can handle the production process and the day-to-day management of the kiosk fleet. The functionality in Sage X3 allows them to manage this process in the same system that manages the rest of the business.

For TymeBank, Sage X3 has truly moved beyond being just a financial management system, to be an overall business performance management solution.