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Connecting to SWIFT via a Service Bureau

Why international development agency OFID chose the service bureau route, and how the decision has transformed its treasury.

By Treasury & Risk Staff | Updated on February 18, 2016
Case study: Jacobs Edo, ERP systems coordinator for the OPEC Fund for International DevelopmentThe OPEC Fund for International Development (OFID) is a small development finance institution formed by the member states of the Organization of Petroleum Exporting Countries (OPEC) in 1976 to help developing countries stimulate economic growth and alleviate poverty. It provides financing to build essential infrastructure; strengthen social services delivery; and promote productivity, competitiveness, and trade. Since its inception, OFID has implemented well over 3,500 developmental operations and grants around the world, worth more than US$19 billion.

The agency has about 10 employees in its treasury unit who oversee various payment and cash management activities. Several years ago, its payment processes varied by geography and involved a great deal of manual work. That’s why OFID launched an initiative in 2012 to streamline and standardize its payment and cash management activities. Treasury & Risk spoke with Jacobs Edo, the ERP systems coordinator for OFID, about the initiative.

T&R:  So, tell me about the types of payments OFID makes.

Jacobs Edo:  What we do is go around the world giving developmental assistantships and/or grants to public and private organizations. Our activities are quite comparable to those of the World Bank, except of course for the size difference between the two institutions. Depending on what it is—a road, an airport, energy, or something else—the project will involve paying some money to the government or to contractors. Through this year, OFID’s 40th anniversary, we have carried out operations in over 134 different countries.

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