Going Above and Beyond: Treasury Technology Pioneers
By Eleanor Hill, Editor
There is a big difference between simply using technology and leveraging it to the fullest extent. FIS, a global leader in financial services technology, with a focus on treasury and risk management, payments and credit and collections, has been helping clients to maximise the value they achieve from technology, and taking their treasury operations to the next level of efficiency and sophistication. This hard work has been rewarded by the TMI 2019 Innovation & Excellence Award for Best Cash & Treasury Management Solution. And three of FIS’ clients scooped accolades for their collaborations with the vendor.
Having turned 30 years old in 2019, the FIS Integrity SaaS solution is one of the longest tenured treasury systems in the marketplace. This does not mean that the offering is standing still, however. The system was recently completely rebuilt, reinvented, and re-released, as the Integrity v10 SaaS solution, with an overhaul of underlying technology, and expanded functionality.
In 2019, FIS continued aggressively investing and innovating within the Integrity solution. First, the entire system user interface was overhauled to improve customer experience. Next, API capabilities were expanded, empowering treasury to innovate faster and to more readily integrate across all common connectivity points, including banks, trading systems, rate providers, and enterprise resource planning (ERPs) systems, thereby establishing simpler, more streamlined connectivity. In addition, the payments functionality was enhanced, helping corporates to send payments faster, while reducing international processing costs at the same time.
Elsewhere, FIS has been rolling out artificial intelligence (AI) and robotics functionality and will continue to do so in 2020. Areas of investment include: cash forecasting, cash reconciliation, system management, and payments – the latter will see machine learning capabilities identify suspicious payments and automatically flag them for review, for example.
Together, all of these developments saw FIS crowned as the winner of TMI’s 2019 Innovation & Excellence Award for Best Cash & Treasury Management Solution. Three of FIS’ corporate clients also picked up accolades for their hard work in conjunction with the vendor.
Crowley Maritime Corporation - Best in Class Collections
Often companies implement technology, then fail to optimise it or upgrade to the latest versions. When Crowley Maritime Corporation was no longer improving upon their credit and collections results with an old version of GETPAID, the credit and collections team took initiative to drive further improvements and be an early adopter of a new version of the solution. In the process, Crowley Maritime has truly transformed and modernised its credit-to-cash processes, reaping benefits such as:
- Improved Communication. The implementation of an exchange web service has given the team the ability to email customers and receive emails from customers within GETPAID. All of the emails are stored with the account providing visibility. This helps with the dispute management, promises to pay and even audits.
- Enhanced Credit Functionality. A new write-up form stores and tracks each review and the information, data, and documents are used as part of the review from multiple sources. This has helped improve operational efficiencies and visibility into the credit reviews.
- Improved Dispute Process. The team can now import a payables spreadsheet that includes multiple promises to pay and disputes from a customer’s remit. This has helped eliminate manual data entry and also improves visibility into the account details.
- Enhanced Advanced Search Functionality and Dashboard Capability. This has helped the team to improve the tracking and reporting of key metrics for past due percentages, days sales outstanding (DSO), and bad debt reduction. All in all, the implementation has lowered DSO by 15 days and reduced overall ‘past due’ by 25%.
Tronox - Best Treasury Transformation - Highly Commended
Tronox Treasury faced a number of challenges, ranging from problems in departmental structure to limitations in technology. Some of the major issues included decentralisation, inefficient processes and an antiquated treasury management system (TMS), which managed only a handful of treasury functions. Clearly, there was an opportunity to deploy improved treasury technology to better manage treasury functions.
Tronox chose to implement the FIS Integrity SaaS solution to address technological issues, with the initial project beginning back in 2014. The implementation was successful, enabling Tronox to centralise treasury and banking functions, and automate several of its previously manual processes. Improved operational efficiencies immediately helped Tronox treasury to shift from operational to strategic, while at the same time improving systematic controls and reducing risk.