Published: January 01, 2020
Year-on-year, the standard of entries to TMI’s Corporate Recognition Awards increases, taking the corporate treasury profession to new heights. The following overview of projects undertaken by corporates over the last 12 months provides a mere flavour of the innovation happening in the industry and we congratulate all our winners wholeheartedly!
Winner
Dawn Foods, a global B2B supplier of baking ingredients with multiple entities and finance departments, embarked on a change-management programme designed to turn it into a more cash-oriented company. A taskforce was appointed with the key objective of a 10% year-over-year reduction of Net Working Capital Days. One of the pillars of the plan was implementing a 24/7 working capital tool – Cashforce - whereby the KPIs could be reported into several dimensions relevant to the different units and functions. Thanks to its choice of the right technology, and impressive cross-departmental co-operation, Dawn Foods has saved millions of dollars since the project began, with the cash freed up even being used to finance a strategic acquisition.
Winner
A wholly owned subsidiary of Tata Motors, Tata Motors Finance Limited (TMFL) is one of the largest and oldest-established commercial and personal loan providers in India. It faced particular challenges from Indian market regulations that required insurance to be provided for vehicles it was helping to finance: complications arose from the time taken by TMFL’s insurance partners to process the relevant data. As insurance policies were only activated by the insurers on receipt of payment, TMFL typically had to make necessary payments 30 days in advance, resulting in USD$3-5m per month being blocked from use and preventing them from maximising yields on account liquidity. The treasury team worked with HSBC to put in place a new payment mode that harnessed purchase cards to settle premium payments to insurers on a bilaterally agreed due date. This card payment process has delivered greater cost efficiency as a result of the 45-day interest-free period provided by the solution, together with numerous other benefits including greater visibility and control over cash positions.
The five-strong treasury team at Hitachi Capital UK PLC (HCUK) has made numerous advancements in the past year. After installing a new GTreasury TMS in 2018, the team saw an opportunity to improve its Treasury and Accounting reporting, and created a new reporting system which gives more detailed information to senior management, auditors and the team itself when making decisions. Treasury was also the first department in HCUK to go paperless, which has enabled it to save a great deal of time previously spent in printing and scanning documents, and ensure that an audit log is kept, while removing the danger of papers getting buried in a file or on someone’s desk! Of course there have also been notable sustainability improvements as a result. HCUK has also concentrated on automation and introduced new cheque scanning software as well as automating CHAPs payment files and bank statements – not to mention implementing multi-bank cash concentration to fund accounts. In preparation for Brexit, treasury played a key role in HCUK’s establishment of a subsidiary in the Netherlands and developed bespoke solutions to hedge FX risk for the subsidiary’s clients, while setting up the most cost-efficient funding mechanisms for writing deals in new currencies. As if this wasn’t enough, the five-person treasury team has also prepared funding with LIBOR transition in mind (considering fall-backs in documentation) and traded its first cross-currency swap with a mandatory break to reduce the cost of hedging longer term funding – all while keeping the lights on.
Winner
A diversified global company headquartered in Ireland, Ingersoll Rand Plc is a world leader in creating comfortable, sustainable and efficient environments in homes, buildings, transport and industry. The judges made this Award in recognition of the company’s successful transition from legacy and largely manual processes for hedging foreign exchange (FX) risk management to a system providing greater visibility and quantification of its exposures; historically, hedging had been limited to known exposures such as intercompany loans. To translate exposure management into meaningful analysis, Ingersoll Rand turned to Kyriba’s FX solution. The benefits this brought included gaining 97% real-time visibility of group FX exposure and a reduction in Value at Risk (VaR) by over 50% in one year. Crucially, the treasury team at Ingersoll Rand has also now evolved into a strategic partner for the business rather than simply acting as a corporate function.
Winner
Astro Malaysia Holdings Berhad (Astro) is Malaysia’s leading content consumer company in the TV, radio, digital and commercial space. In 2016 Astro’s group treasurer and her team decided to investigate setting up an in-house bank to take over the activities which were managed centrally, mostly via manual processes, in the shared management services centre. After a rigorous bank selection process Astro mandated Standard Chartered as the banking partner for its in-house bank, working closely with Astro’s ERP system provider, SAP Malaysia, throughout the entire project. Astro went live with the in-house bank in February 2019, and is experiencing a wide range of benefits including a simplified account structure, improved cash forecast, mitigated FX risk and reduced reliance on bank credit lines.
Highly Commended
Salesforce is a global cloud-based software company which, without an in-house bank, faced multiple challenges from the expansion in its number of resellers collecting in multiple currencies across multiple countries, plus an extended web of intercompany invoicing. The company decided to establish an in-house bank with PricewaterhouseCoopers (PwC) as its main partner in the project, together with a TMS vendor, European cash management banking partner, and various online trading and investment platforms and partners. The in-house bank has realised many benefits for Salesforce while avoiding a potential quagmire of cash ‘puddles’, FX exposures and intercompany relationships. And by utilising the project as an opportunity to re-evaluate the banking and technology landscape, the solution provided effective and future-proof processes, reducing manual workload, mitigating operational risk, and building trust among treasury and controllership.
Winner
GE is an industrial company with a business portfolio consisting of Aviation, Healthcare, Power and Renewable Energy. As part of a project to implement FIS’s TRAX payment factory solution, GE also implemented SWIFT’s gpi for Corporates. In fact, GE was one of ten corporates who helped design the go-forward payment strategy for the industry, which now provides track and trace payment capabilities, giving ‘wing-to-wing’ visibility into the life cycle of cross-border payments and more transparency into FX and bank fees. GE will be partnering closely with SWIFT and FIS to pilot the Inbound Tracking Proof of Concept in 2020 – and the judges were keen to acknowledge GE’s contribution to making the corporate treasury world an easier place to do business.
Winner
Today, Microsoft’s Bank Account Infrastructure team is managing over 1,300 bank accounts globally. Between bank account changes (signatures, new accounts, closures) and bank guarantees, the team has anywhere from 300 to 500 workflows active at any particular time. After many benchmarking sessions with other corporates and realising that more than half are leveraging Excel to manage their inventory of bank accounts, Microsoft’s treasury team decided to build a single company-wide application to record all of its bank account processes; account opening requests, closures, and signatory changes workflows. The TreasuryGo Bank Account Management tool leverages Microsoft Azure services and all workflows are powered by Microsoft Flow. Using cloud technology, treasury can now access data in real-time from the server and have the information displayed using PowerBI’s visual analytics. This enables treasury to have an honest conversation with their banks about how long it takes for specific workflows like account openings, updating signers, or closing accounts to take place. As well as providing a great discussion point during bank reviews, having access to this data visually has also identified internal opportunities to be more efficient.
Winner
Headquartered in Singapore, Ocean Network Express (ONE) was formed as a result of a merger between the three biggest Japanese shipping lines. This Digital Treasury project saw three individual treasury departments transformed into a single efficient structure in just nine months. The TMI judges were impressed by ONE’s determination to leverage the latest technologies, including implementing HSBC’s Liquidity Management Portal and embracing robotic process automation (RPA) to visualise the global cash position in a timely manner, as well as HSBC’s auto-sweep in the same currencies which successfully enabled ONE to reduce their cash balance in each currency by 80%. This forward-thinking project, conducted in collaboration with HSBC’s Global Liquidity and Cash Management Business, has enabled ONE to navigate the growing cash management challenges, regulatory requirements, and technological hurdles that the company faces in 44 markets.
Highly Commended
Almoayyed International Group (AIG) provides expert solutions in many and varied areas including IT, business automation, integrated engineering, safety & security and industrial packaging. The company is constantly exploring avenues to improve finance and treasury processes through digitisation and automation. With the help of BNP Paribas, AIG has embraced new systems and technology developments to digitally supercharge treasury while also contributing to sustainability initiatives. Milestones include successfully implementing a Document Management System across 14 divisions of the group’s Finance and Commercial Department and digitising payment flows through BNP Paribas’ Connexis Cash platform – saving 18,000 sheets of paper per month. Through such projects, AIG has become a digital role model in Bahrain. And its digital treasury journey is far from over, with further efficiencies in the pipeline, including robotic process automation for cash flow forecasting.
Winner
Global media and entertainment conglomerate ZEE Entertainment Enterprises (ZEE) needed a treasury function that could support annual growth of more than 20% and which was automated, efficient and future-proof. Collections and payments were top priorities for transformation since ZEE wanted to reduce its Days Sales Outstanding (DSO) as well as improve collections data and increase visibility over incoming cash flow. The large number, and diversity, of the company’s counterparties meant that multiple payments channels were used, which led to incomplete visibility. ZEE worked with BNP Paribas to put in place a uniform reporting mechanism with direct integration of reporting through host to host. Together with faster cheque collections and several digital collection methodologies, this has enhanced treasury operations significantly. Moreover, almost all of ZEE’s outgoing transactions have now been digitised via BNP Paribas’ online banking platform – helping treasury to reap benefits such as greater speed and accuracy. Treasury also now has much clearer insight into cash flows and the Shared Service Centre benefits from precise management information that is broken down by business unit. In turn, treasury is able to concentrate on helping the business reach its goals of digital growth and sustainable leadership – a true transformation indeed.
Highly Commended
Tronox Holdings plc is a mining and inorganic chemical business which was spun-off from the Kerr-McGee Chemical Corporation in 2005, maintaining its treasury operations in Oklahoma City until the company acquired Exxaro Mineral Sands in 2012 and moved its HQ to Stamford, Connecticut. This move prompted a multi-year transformation of Tronox’ treasury to improve processes and optimise technology. A comprehensive selection process ended with the selection of FIS’s Integrity solution, and the partners began work in 2014 to transform core treasury activities in the areas of cash management, short-term investment management and FX. More recently, Phase Two included electronic and ERP integration, and new statistical and reporting elements were included at both stages. Tronox’ latest technological improvement was the migration from the FIS Integrity private cloud deployment to a software-as-a-service (SaaS) deployment with help from FIS, and the latest version of Integrity SaaS has proved a significant improvement in look, feel, navigational ability and overall functionality, helping Tronox’ treasury to stay at the cutting edge. To ensure FIS continues to provide maximum benefits and enable future treasury transformation, Tronox is the leader of the Integrity client user group based in North America and EMEA.
Winner
After offering the auto industry’s first-ever Green Bond, Toyota Motor Credit Corporation (TMCC) has made its first SOFR-linked Commercial Paper, Medium Term Notes and Interest Rate Swap transactions over the last 15 months. It was announced in 2017 that daily LIBOR (London Inter-Bank Offered Rate) fixings would soon be discontinued and Toyota urgently needed a suitable replacement strategy so the treasury function could continue to provide liquidity and cost-effective funding to its customers and dealers. Support is growing for the new SOFR (Secured Overnight Financing Rate) benchmark index as an alternative reference rate to back US dollar-denominated financial instruments, and as SOFR-linked debt and derivatives markets increased, Toyota embarked on LIBOR transition planning in 2018. The company’s treasury has successfully developed new capabilities by executing on three new products in the last year: $500m SOFR-linked commercial paper in October 2018; $1.5bn SOFR-linked medium term note issuance in October 2019; and $1.8bn notional in overnight index swaps to date, using compounded FED Funds and SOFR indices beginning in February 2019. The judges were highly impressed by TMCC’s forward thinking attitude.
Winner
Specialising in providing pedestrian and vehicle access automation systems, FAAC Group has operations and customers all over the world, and as a result of this global footprint and legacy banking arrangements its cash management was fragmented. Having decided to centralise, it first brought together the liquidity of its European subsidiaries in a project with its domestic bank in Italy, Banca Nazionale del Lavoro, part of the BNP Paribas group. The project was then extended to non-euro currencies within Europe and to non-European subsidiaries. BNP Paribas provided advice and support throughout: FAAC next decided to extend the project into Asia Pacific (including Australia) and the US. It wanted to set up a global e-banking system that would enable treasury to have central visibility and control over all their accounts through a single tool – and this was achieved through BNP Paribas’s Connexis Cash platform, while the US cash management business was handled through Bank of the West, a wholly owned BNP Paribas subsidiary. By undertaking this ambitious centralisation project, FAAC has created a global, fully automated end-to-end liquidity structure designed to grow with the group as it continues to expand.
Winner
Headquartered in London with another 24 offices around the world, Petrofac is a leading provider of oilfield services, designing, building, operating and maintaining oil and gas facilities. Two professionals were mandated in 2010 to create a treasury function, and were faced with 70 different bank accounts across various banking partners, FX trading executed in silos and a complex web of intercompany loans. Petrofac went to market for a TMS and chose Reval to improve security and visibility and eliminate redundancies. Among many successful outcomes this enabled Petrofac to automate trade imports by using Reval’s partnership with 360T, launch a global cash management programme across the organisation, introduce a new model for liquidity management and rationalise the banking structure from 70 partners to 30. Today, two further major projects are underway. One is to have a single source of all banking information – and this is being approached by using ION Treasury’s Reval and Oracle Fusion for all bank account management throughout the organisation. The other is to use RPA to streamline trade confirmation processes for commodities: the solution will take confirmations sent via emails or faxes from banks and use RPA to automatically read the notifications. This means that, by partnering with Oracle to incorporate AI and RPA to compare with Reval, Petrofac can create its own matching and confirmation.
Highly Commended
When a new Treasury and Accounting Manager joined the Avalon Health Care Group in 2018, she quickly decided to replace the existing TMS. After consultation with the accounting department, who had several problems they also wanted to address, a request for proposal and evaluation of different systems was concluded by the choice of TreasuryXpress. This had several features which particularly appealed to Avalon, not least the ability to have access for all users without additional charges. One of the most significant pain points Avalon was looking to solve was the workflow relating to Positive Pay, an automated cheque fraud detection tool, which required much time spent in communication between Avalon and its banks. TreasuryXpress streamlined the process by digitising Positive Pay efforts and removing all human intervention from the process. The judges were also impressed that payment processing was consolidated by initiating, approving and managing all payments through a single platform, and the previously highly manual process of bank reconciliations was replaced by an automated workflow, ensuring these tasks are performed daily without the risk of human error.
Winner
Travis Perkins is the UK’s largest distributor of materials for the building, construction and home improvement markets. As part of the company’s 2018 Finance Strategy, the Travis Perkins board approved the implementation of C2FO, an online platform that allows the group to use cash held in the business to pay suppliers early in return for discounts offered. The Travis Perkins Early Payment Programme provides their suppliers with easy access to low-cost liquidity when they need it, helping to reduce risk in their supply chain while generating additional margin with zero risk for the group. This is important because challenging conditions in both the construction and retail sectors are putting considerable financial pressure on companies in the building material supply chain, and large organisations in the supply chain, like Travis Perkins, are receiving very low returns for their short-term deposited cash. The company is utilising the C2FO platform to ease some of the pressure on suppliers, improving the financial stability and sustainability of their suppliers at the same time as materially improving their returns on short-term cash. The integration of the platform with Travis Perkins’s IT system has given the company control of the level of cash made available and the minimum yield. More than 1,100 suppliers have registered with the Early Payment Programme and the company has paid over $150m worth of invoices on average a month earlier to suppliers, enabling them to better survive and make further investments in their own businesses.
Highly Commended
Carlsberg India has been growing rapidly and the company realised that providing support to their large number of suppliers (bottlers, packaging material, raw material, transporters and so on) would be a key ingredient for their future growth. They wanted a solution which would offer lower cost financing to suppliers without putting additional pressure on their balance sheet. Carlsberg India decided to partner with ANZ to develop a completely digital Payables Financing solution – and to ensure suppliers were properly onboarded. Now successfully in place, this solution has enabled the company to extend its days payable outstanding and improve its cash conversion cycle, while giving suppliers access to funding at a lower cost by taking advantage of Carlsberg’s credit rating, thereby strengthening the company’s relationships with its suppliers. The judges appreciated the fact that payables finance is still developing in the Indian market and there is a low level of awareness about this product, especially among the supplier community. Moreover, owing to the geographic size of India, the suppliers are spread across the length and breadth of the country and educating and onboarding them is often challenging. As such, the work conducted by Carlsberg India and ANZ truly demonstrates best practice.
Winner
Drax is a UK-based energy company working towards enabling a zero-carbon, lower cost energy future. The treasury team needed to find a new money market fund portal solution to improve their control environment, streamline the workflow and automate their manual processes. After researching portal providers, Drax decided to move to ICD Portal. This was the only one that had the ability to provide a full STP integration with their Reval TMS, and ICD’s dedication to its clients and ability to adapt to the ever-changing regulatory demands were important considerations for Drax. The integrated solution allows Drax to easily research, trade and report on money market funds, providing straight-through processing of data from the ICD Portal into Reval. With trade desks in London, Boston and San Francisco, Drax is able to take advantage of ICD’s 17 hours of international coverage each business day with licensed professionals who service over $3tr. in annual trades.
Winner
Royal FrieslandCampina is a Dutch multinational dairy co-operative with over 18,000 dairy farmer members in the Netherlands, Belgium and Germany, and is one of the world’s largest dairy companies. Five years ago, the company decided to implement a centralised payment hub that supported the standardisation of the global payments processes. A dedicated treasury operations team was created with a treasury-owned strategy that set clear guidelines for the selection of new systems. ‘Project Everest’ was started in 2017 to move towards an optimal global payment and collection process, and its plan mapped out with three ‘camps’ on the way to the summit. These were intercompany netting, with Coprocess as the global netting tool, in-house banking, based on a solution from Kyriba, and a payment factory. A fourth stage was styled ‘beyond the summit’ – Royal FrieslandCampina is continuously looking at digital optimisation and will use Kyriba’s FX solution to automate FX trading. Project Everest has so far been delivered on time with integrated processes, no interruption to the business and within budget, thanks to the focus of the team on operational excellence. The judges praised Royal FrieslandCampina’s new global payments environment for being more time and cost efficient, as well as less error-prone.
Highly Commended
Al Maha Holdings LLC is the real estate arm of the Al Masaood Group, one of the leading trading families in Abu Dhabi. The Al Masaood private office had mandated the finance team to automate their day-to-day banking operations relating to payments and cash management – and Al Maha wanted a cutting-edge digital solution that would still cater to cheques, which are popular in Abu Dhabi. After careful consideration, the finance team signed up for the Commercial Bank of Dubai’s (CBD) iBusiness offering and has now successfully rolled out a remote cheque printing solution which enables authorisation of payables remotely and prints cheques with digital signatures. CBD enabled the printing of the cheques for the group in existing cheque books, thereby reducing the charges that they would have otherwise incurred on special cheques. Work has also been done on the receivables side, with cheque scanning for remote deposits, and a cash pick up solution has been provided by CBD. This journey towards digtisation has significantly improved the efficiency of Al Maha’s operations, whilst also improving security.
Highly Commended
ByteDance is a Chinese internet technology company based in Beijing, operating diversified machine-learning enabled content platforms. Its core product, Toutiao ‘(Headlines’) is a content platform in mainland China, offering personalised information feeds powered by machine learning algorithms, and ByteDance also owns TikTok and runs BuzzVideo and Vigo Video; the company had over 800 million daily users across all of its content platforms in November 2018. ByteDance has to pay content providers for accumulating a specific number of views on their platforms; payments are all cross-border, high in volume, and have to be converted to local currency. To address these and other costs and complexities in the company’s treasury operations, ByteDance worked with HSBC to set up a Global Disbursements platform to enable large bulk files of payments to be processed at lower cost by leveraging local ACH clearing and setting pre-arranged FX margins on each currency pair. As a result, ByteDance has been able to significantly simplify its cross-border payments process, using just one funding account to make payments in 130 currencies globally.
A well-known face in the corporate treasury community, François Masquelier, Chairman of the Association des Trésoriers d’Entreprise de Luxembourg (ATEL), is constantly raising awareness of important issues among his peers. From educating treasurers on European Market Infrastructure Regulation (EMIR) Regulatory Fitness and Performance (REFIT) to the impact of SWIFT’s Customer Security Programme (CSP), Masquelier always has something new and interesting to say – and never fails to decode what developments mean for corporate treasurers and how they should prepare. We thank him for his contribution to the treasury profession during 2019 and wish him well in his new career as CEO of Simply Treasury in 2020.
Winner
In 2013 Crowley Maritime’s credit and collections department was hampered by manual processes. Collectors for the marine solutions, energy and logistics services company, which provides services globally, were managing between four and five thousand accounts on spreadsheets and manually typed in their notes, and there was no prioritisation or clear visibility into each account. The dispute process was also manual. In 2014 the company implemented FIS’s GETPAID solution, and experienced a significant improvement in past-due Accounts Receivable, Days Sales Outstanding and operational efficiencies, But by 2017 results were flat and they decided to re-evaluate their processes and technology usage, embarking on a project to be early adopters of FIS’ GETPAID version 8.7, and the new version was implemented in 2018. This upgrade has involved the use of an Exchange Web Service to help manage and store 400-500 emails a day. As a result of this upgrade, Crowley Maritime has truly transformed and modernised its credit-to-cash processes, reaping benefits such as: improved communication; enhanced credit functionality; an improved dispute process; and an enhanced advanced search functionality and dashboard capability. All in all, the implementation has lowered DSO by 15 days and reduced overall ‘past due’ by 25%.
Winner
ONEOK, Inc is a leading midstream service provider and owns one of the US’s premier natural gas liquids systems, connecting NGL supply in the Mid-Continent, Permian and Rocky Mountain regions with an extensive network of natural gas gathering, processing, storage and transportation assets. It has collaborated with TMS provider GTreasury and J.P. Morgan to create an API-enabled portal through which it achieves real-time, automated cash positioning and eliminates the expensive and inefficient use of BAI files. The company worked with GTreasury to design a system in which the API could be run on-demand or scheduled, and determined how it would present results and data. Using the new solution, GTreasury connects to the bank using an API which involves bank-authorised API endpoints which enable the TMS to pull in account balance data, after which the TMS consumes the data and provides ONEOK with immediate posts of the data. ONEOK is currently working towards becoming completely dependent on API for cash positioning for all its six main bank relationships.
Winner
Merck is a leading science and technology company, with 52,000 employees and sales totalling €14.8bn in 2018. Strict cross-border intercompany lending requirements and related-FX regulations make cross-border cash pooling structures particularly challenging in Korea – a situation which left Merck with a significant amount of trapped cash in South Korea. To address this, Deutsche Bank, as Merck’s global USD cash pool bank, was selected to provide a sophisticated ‘Cover and Reversal’ model, otherwise known as a Cinderella sweep, which fully automates cross-border USD cash pooling between Korea and Germany. This solution acts to both centralise liquidity at the headquarters level at the end of each day, while also providing intraday liquidity for Korean domestic business requirements. The judges were impressed by Deutsche Bank’s state-of-the-art solution, which is unique in enabling automated USD cross-border cash pooling in Korea, while adhering to all applicable local regulation. Moreover, the project has delivered impressive harmonisation, simplification, centralisation and standardisation, benefits for Merck.
Highly Commended
Transamerica Corporation’s cash and liquidity management was fragmented across multiple business units and legal entities acquired over many years. Recognising the numerous constraints to optimising its liquidity management imposed by this situation, Transamerica embarked on a programme to optimise liquidity, cash and yield management. An Enterprise Cash and Liquidity Management (ECLM) team was established and in November 2018 proposed a new liquidity management framework, with diversified sources of funds and layered management actions for liquidity stress scenarios. After much scrutiny, including work with an external consultant and discussion with several technology vendors in its development of the proposal, Transamerica now has a holistic and comprehensive approach to liquidity management including a management process for operating in a normal environment, with more accurate cash forecasts and investing excess cash in short-term investment portfolios, as well as protection in a tail risk shock environment.
Gavi, the Vaccine Alliance, is a public-private global health partnership committed to increasing access to immunisation in poor countries. Gavi’s two-person treasury team is vital to its operations, carrying out FX risk management, transfer of funds to country programmes, sweeping and investment in MMFs of money not utilised for country programmes (the interest received is allocated to donors) and management of cash positions from donations and disbursements. To free up the small treasury team from time-consuming manual tasks, and enable treasury to be more strategic, Gavi decided to automate these functions by implementing a TMS, and worked with PwC on the concept of a digital treasury. The core solution was designed in SAP S/4 HANA and Gavi decided to implement end-to-end processes with functionality, including: integrated and centralised master data with a bank account management (BAM) solution; automated payment processing using multi-bank connections with core banks; and a cash management cockpit for visibility on cash positions. Alongside benefits such as full visibility over its FX hedges, end-to-end payment security and a frequently updated cash management position, Gavi’s new digital treasury model is flexible enough that treasury can add innovations, such as fintech solutions, easily - without any disruption to the core.
Enter for TMI’s 2020 Corporate Recognition Awards Nominations for the 2020 TMI Awards will open in April 2020. Email [email protected] if you wish to be notified.
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