Thanks to a long-term partnership with with ION’s Treasury Reval, the treasury function at energy services company Petrofac has undergone a radical pivot – from PDFs and Excel to embracing artificial intelligence and robotic process automation. Now, the company’s treasury organisation is among the world’s elite, setting and defining new benchmarks across the industry, as well as disrupting two critical pain points for practitioners: bank account management and the trade confirmation process beyond FX. This transformation journey was a worthy winner of TMI’s 2019 Corporate Recognition Award for ‘Best TMS Solution’.
Headquartered in London, and with another 24 offices in various countries around the world, Petrofac is a leading service provider of oilfield services that designs, builds, operates, and maintains oil and gas facilities.
In 2010, Petrofac onboarded a team of two professionals mandated to create a treasury function. During their initial discovery, the team uncovered over 600 different bank accounts across various banking partners, FX trading executed in silos, and a spider web of intercompany loans that had to be unpicked and unravelled.
Matt Norris, Petrofac’s Assistant Group Treasurer, comments: “We started to build trust with the business, but processes were very manual. So, with activity starting to ramp up, we needed a partner that we could bring on-board to build a treasury model.”