Treasury Team of the Year - HIGHLY COMMENDED
Comcast
A treasury function built over decades of acquisitions and expansions came with natural complexity. Rather than seeing this as a limitation, Comcast’s treasury team seized the opportunity to design a smarter, more efficient system that would support the company’s future ambitions. In doing so, they streamlined operations, unlocked $750m in liquidity, and built a treasury function that drives value across the business.
A global media and technology company, Comcast connects millions of customers through its broadband, streaming, and entertainment services. But the scale and reach of Comcast’s operations meant the company was managing cash across 100 banking relationships and 3,800 bank accounts – with liquidity trapped in multiple, disconnected pools.
Visibility was also limited, costs were high, and cash wasn’t always in the right place at the right time. The payments infrastructure was equally complex, with multiple different electronic banking platforms and host-to-host connections adding layers of inefficiency.
Although functional, the set-up left room for improvement. Liquidity wasn’t always fully optimised, for example. Banking costs could also be reduced, and greater automation would enhance security and efficiency.
Rather than making incremental adjustments, Comcast’s treasury team saw an opportunity to rebuild for the long term. And over the course of five years, the team restructured banking relationships, introduced an in-house bank (IHB), centralised liquidity, and moved to a unified bank connectivity system. Every change was made with a focus on creating a treasury function that would scale with the business and support its global operations seamlessly.
And these shifts were made with the support of key strategic partners, namely PwC for strategic guidance, J.P. Morgan and BNP Paribas as core banking partners, and FIS as the technology provider behind its treasury and payments infrastructure.
An award-winning feat
Treasury transformations of this scale don’t happen overnight, and success depends on a clear vision, strong execution, and measurable outcomes. Comcast’s treasury team delivered on all fronts, including:
- A smarter banking model. The number of banking partners was reduced from 30 to four in North America, from 22 to six in EMEA, and from 27 to 16 across LATAM and APAC. The number of bank accounts was also halved, simplifying operations while maintaining full flexibility.
- Liquidity that works harder. In EMEA, cash centralisation increased from 55% to 80%, unlocking $750m in additional working capital. With stronger liquidity structures, treasury has greater control and visibility over cash across the group.
- Payments transformation. The project standardised transmission of nearly 200 payment types, eliminated certain banking platforms, and introduced a single Swift connection with integrated electronic banking.
- Technology upgrade. The team expanded its use of FIS Quantum for treasury management, capital markets, and reconciliation, and deployed FIS Trax to streamline payments and bank connectivity.
- User onboarding at scale. More than 400 treasury users were migrated onto the new system, ensuring seamless adoption across five continents.
Adapting for tomorrow
Beyond the immediate gains in efficiency, liquidity, and cost savings, the transformation has set up Comcast’s treasury for long-term success. These changes mean treasury can now support the business with greater agility. Cash is in the right place when it’s needed, payments are processed seamlessly, and risk is managed with stronger controls and oversight.
The revamped treasury function is not only fit for today but also ready for what comes next, and therefore deserving of the Highly Commended accolade in the Treasury Team of the Year 2025 category.
