Cash & Liquidity Management
Published  6 MIN READ

Pumping Cash to the Centre

When treasury at DAB Group in Italy needed to refresh its cash management structure, it turned to Banca Nazionale del Lavoro (BNL), part of BNP Paribas Group, to provide much-needed visibility and control. Here, Francesca Salmazza, Accounting Shared Services Officer – Treasury/Fixed Assets at DAB Pumps is joined by Fabrizio Conti, Cash Management Solution Sales at BNP Paribas/BNL and Alexandra Oberheid, Solution & Design Implementation – Senior Project Manager at BNP Paribas/BNL, to explain DAB Pumps’ successful journey towards cash centralisation.

DWT Holdings and DAB Pumps are the Italian counterparties - sub-holding and subsidiary respectively - of a Denmark based world leader in development, production and commercialisation of hydraulic pumps for industrial and civil sectors. Over in Italy the DAB Pumps Group, which has consolidated revenues of more than €300m, was looking for a new banking partner to better support the company’s cash management need.

Francesca Salmazza, Accounting Shared Services Officer – Treasury/Fixed Assets at DAB Pumps, explains: “Our goal was to have one cash management platform for all of our sub-companies in order to significantly improve cash visibility and control. This was especially important given that treasury manages 14 companies across 23 bank accounts. So, in 2017, we started our search for a banking partner to help us achieve our goals – and met with BNL to discuss their credentials.”

Fabrizio Conti, Cash Management Solution Sales at BNP Paribas/BNL, was involved in the initial meetings and explains the approach: “When we met with DAB Pumps, we wanted to show them how we could help them, not just in Italy but around the world, thanks to the BNP Paribas network,” he says. “With the visibility and control challenges DAB Pumps were facing, we were keen to demonstrate our channel offering, Connexis Portal, an all-in-one e-banking solution to monitor balances and to carry out transactions worldwide.” The bank also outlined how it could help to improve the company’s international cash pooling solution, transferring it across from DAB Pumps Group’s previous banking partner.