French multinational automotive manufacturer Renault’s Sylvie Faure, in charge of Cash Forecasting, and Cyril Schäfer, Head of Euro Cash Management, tell TMI how DataLog Finance’s TMS is driving next-level treasury efficiency.
The primary goal of Renault SAS’s (Renault’s) daily cash management process is maximising cash centralisation. As with many companies around the world, the pandemic has pushed this to the fore.
To achieve this goal, the company’s central treasury team has created a robust cash management environment: cash pooling systems have been established across Europe, with essential smooth collaboration with the company’s broader European finance teams enabled. In order to improve Renault Automotive branch cash management, a well-selected TMS was needed.
Renault’s Euro Treasury department is divided into two areas. The first covers daily cash management and payments control and approval in the countries of the Eurozone. This oversees around 15 partner banks, 250 external bank accounts, one internal bank, and about 200 subsidiaries. For this part, the project enabled the team to work with a modern tool that provided more security in handling treasury flows amounting to billions of Euros.