An API Success Story
CORPORATE RECOGNITION AWARDS
Best API Project
Switzerland-based tier one supplier of thermal and acoustic insulation for the automotive industry Autoneum was looking for a solution to easily and quickly gain real-time visibility over cash balances in its global subsidiaries. The solution needed to integrate with its existing software platform, as well as having strong fraud and cybersecurity protocols. Autoneum turned to J.P. Morgan for help to use one of the bank’s API plug-ins to increase visibility over its account data. And with the solution up and running in just one month, Autoneum deservedly takes home the TMI Corporate Recognition Award 2020 for Best API Project.
Autoneum operates in around 25 countries, with more than 13,000 employees. From a financial point of view, the company operates in a net debt position and, as an original equipment manufacturer (OEM), is constantly under cost pressure.
To help keep a close eye on cash, the business operates a centralised treasury model. But Autoneum is also a major international manufacturer – and gaining real-time visibility over the cash balances held by global subsidiaries was a challenge. Complicating matters, many of these operations were working on a ‘plus one day’ basis via MT940s.