The Association for Finance Professionals recognizes OpenText Corporate Treasury transformation

We are pleased that the Association for Financial Professionals chose to highlight OpenText’s corporate treasury transformation of technology and processes in a recent article. The transformation included significant use of OpenText products. As the article points out:

“A key element of the project was the use of OpenText’s own products. The solution uses a treasury aggregator and payment hub (OpenText™ Trading Grid™), allowing for flexibility in relation to ERP systems. Using OpenText Managed Services and products, including OpenText Trading Grid and OpenText Swift Service Bureau, direct payments are automated with strategic banks while SWIFT is used for banks where OpenText does not have a direct connection. Files are simply pulled from the ERP before being appropriately formatted by OpenText Managed Services for each bank”.

Through this project OpenText saw the following results:

  • Reduced its banks from 120 to less than 20
  • Decreased its bank accounts from 420 to 190
  • Created a global cross-currency pooling structure
  • Reduced FTE hours by about 100 per month, $100,000 in annual savings
  • Automating processes has also resulted in annual savings of $260,000 per year
  • Received the 2017 Adam Smith Highly Commended Award for Top Treasury Team
  • Annual project savings of more than $2 million due to bank fee savings and enhanced investment and interest yields

You can read the entire article here.

Congratulations to the OpenText Corporate Treasury team!

OpenText

OpenText is the leader in Enterprise Information Management (EIM). Our EIM products enable businesses to grow faster, lower operational costs, and reduce information governance and security risks by improving business insight, impact and process speed.

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