Digital bank account management as a driver for Corporate Treasury efficiency
In this workshop from the DACT Treasury Fair treasurers will learn how digital bank account management using eBAM message flows can help them make their bank account related processes more automated, more transparent and audit-proof.
Every Treasurer managing dozens if not hundreds of bank accounts worldwide knows the challenge: The accounts are distributed around the globe, denominated in various currencies and held at numerous banks. Retaining an overview is therefore no easy task. What about the number, status and purpose of accounts? Are the account signatory permissions still up-to-date? The Treasury team at SCHOTT AG, a leading international manufacturer of specialty glass and glass ceramics located in Mainz, Germany faced similar questions. With over 60 group entities and more than 200 bank accounts the team was used to the fact that managing these accounts takes a lot of time.
In 2018 however, SCHOTT embarked on a journey to digitize bank account management using the Treasury Information Platform (TIP) and leveraging XML-based eBAM-messages for communication with one of the group’s core banks via the SWIFT-network.
The outcome: More automation and more transparency!
Head of Treasury at SCHOTT AG
Head of Market Development - International at TIPCO