RIYADH — Landmark Arabia, the Saudi arm of Landmark Group, the region’s leading retail and hospitality conglomerate, was honored with the Treasury Management Award at the recently held 2019 ACT Middle East Treasury Awards.

The Association of Corporate Treasurers (ACT) recognized the company for its bespoke automated payment solution built by leveraging Robotic Process Automation (RPA) and host-to-host file transmission with its banking partner, BNP Paribas.

The new payment solution has been developed to address the challenges inherent in manual payment process, increase payment efficiencies and optimize the overall treasury process. It delivers significant benefits including a reduction in risk of fraud, human errors and above all greater certainty over the timing of payments.

Rajesh Garg, group CFO, Landmark Group, said: “It is a great honor to receive this recognition. ACT evaluated the entries based on excellence in sound treasury management, efficient pricing, innovative structure, success in prevailing market conditions and the overall competitiveness of the team involved. This is a testament to the hard work of our team, and a reflection of our commitment to building a future-fit Landmark Group.”

Having recently established the first fully functional automated distribution center in Saudi Arabia, Landmark Arabia has taken further steps to bolster the integration of RPA and blockchain into its business processes to keep pace with the increased technology adoption and increase efficiencies. — SG