The experience of Samsung Electronics Co., Ltd. with Bank of America
“Our Global ERP project was an undertaking of critical importance for our company and we were looking for the best in terms of treasury management support. Our decision to work with Bank of America was based on our long-standing relationship and first-hand experience with its leadership in pioneering treasury management services and deep commitment to cutting edge technology solutions.”
Taehyun Kim, Senior Manager, Global ERP Task Force, Corporate Treasury, Samsung Electronics Co., Ltd.
In April 2004, Samsung embarked on a five-year project focused on standardising rules, data and processes across all Samsung entities globally. Specifically, Samsung was looking to integrate all of its disparate systems into a single global Enterprise Resource Planning (ERP) platform based on SAP R/3, a company-wide platform designed to co-ordinate all resources, information, and activities associated with business processes such as payments and billing.
An integral part of this project was to optimise Samsung’s treasury operations by linking SAP to SWIFTNet, the company’s choice for a platform-neutral global electronic banking network. Specifically, Samsung’s objectives included: consolidating its numerous banking communications into a single channel using SWIFTNet (joining SWIFT under the SCORE model); and standardising the company’s electronic messages to the SWIFT standard ISO message format.