Specialising in providing pedestrian and vehicle access automation systems, FAAC Group has operations and customers all over the world. As a result of this global footprint and legacy banking arrangements, the group’s cash management landscape was fragmented. Here, Francesca Benassi and Ezechiele Galloni, FAAC Group’s Treasurer and CFO and Laura Milani, Liquidity Management Marketing Director, BNP Paribas, explain how the two companies solved this dilemma. By participating in a pilot project across BNP Paribas’ international network, FAAC has now created a global, fully automated and harmonised, end-to-end liquidity structure that will grow with the group as it continues to expand.
With a presence in 24 countries and generating revenues of €427m per annum, FAAC Group’s cash flows are highly international. Today, the Group has central visibility and control over its global cash, but turn the clock back to 2011, and it was a very different story.
As Benassi explains: “We’ve been on an exciting journey over the last seven or eight years, completely revamping our cash and liquidity management structure. It started back in 2011, when we embarked on a project with our domestic bank in Italy, Banca Nazionale del Lavoro (BNL), which is part of BNP Paribas Group, to centralise our European subsidiaries’ liquidity.”