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SWIFT Connectivity for Corporate Treasurers 2009 |
Integration and Optimisation at Raymond James Financial
Elizabeth Eriksen, Assistant Vice President for Accounting Operations, Raymond James & Associates, Inc.
Categories: Cash Management, Intercompany Financing, Payments, Strategic Treasury, SWIFT, Technology, Working Capital Management, Technology Articles, Receivables
Before embarking on our new systems project, Raymond James had fairly manual processes in place. Clients could request cheques, wire or ACH payments through one of our 2,200 locations. These business centres then applied for the payment through one of our two processing centres which reviewed the approvals that are required and produced the payment in the relevant format. Depending on the client, or the type of payment, there are potentially 14 approval stages, with client instructions ranging from no approvals through to around 12. Each of the processing steps, including each approval, was performed manually, which became particularly onerous when approvals needed to be conducted by people across four separate buildings. Once the necessary approvals had been obtained, payments were given to either Accounts Payable or Treasury who entered them manually into the relevant system. Payment details were then sent back to the originating business centre in order to raise a journal entry...
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