Danfoss has a commitment to excellence across all of its business operations, so in late 2008 we embarked on an initial study of potential improvements that could be made to our treasury management infrastructure. While our treasury already demonstrated industry best practices in many of our activities, we recognised that there were some areas of potential improvement.
For example, we identified that payments processes could be improved and automated through a payments factory and in-house bank, supported with enhanced bank connectivity. We also wanted to replace our legacy treasury management system (TMS) and improve our cash flow forecasting processes.
Palle DedenrothDirector, Assistant Treasurer - Treasury Operations