Recap & Recording: The present and future of corporate payment processes

Recap

Lourdes brought her wealth of experience to the discussion. Reflecting on the past 15 years, Lourdes highlighted the evolution of payment processes from manual procedures to the technologically advanced landscape of today. She emphasized the importance of joining the treasury function at the right time, as she witnessed the transition from labor-intensive tasks to a more automated and efficient era.

Lourdes Antonio Luna “We have made important steps, no doubt on that, and most probably, we are all enjoying the benefits that those important steps have brought us, but we are still not there.”

The live discussion between the experts took the audience on a journey through the challenges of the past, including manual payment processing, host-to-host connections, and the tediousness of single entries in e-banking platforms. They noted that these hurdles paved the way for transformation. Significant milestones such as the establishment of the SWIFT network and the introduction of SEPA and ISO 20022 payment standards marked a turning point, opening doors for enhanced automation and streamlined processes.

The experts acknowledged the progress made in reducing manual transactions and achieving greater efficiency, while emphasizing that there is still work to be done. They highlighted the responsibility of payment team leaders to leverage the available market opportunities and elevate their processes to the next level.

Siemens Gamesa’s Treasury Transformation

Michael Faschang, provided a fascinating glimpse into the recent major treasury transformation project undertaken by the global renewable energy leader. With a complex landscape encompassing hundreds of bank accounts worldwide and payments originating from diverse systems, Siemens Gamesa faced the challenge of harmonizing its treasury operations.

“The In-house Bank we built based on SAP APM and with the help of TIS has set a new benchmark in terms of automation and visibility of cashflows and payments. It allowed us to close down approximately 800 bank accounts. This whole project would not have been successful without the innovation skills and flexibility of TIS.” Michael Faschang

Michael led a comprehensive two-phase project. The first phase involved harmonizing legacy systems and establishing robust end-to-end processes with the support of TIS, a leading solution provider. The second phase saw the transition from Siemens’ legacy system to TIS and SAP, alongside the creation of an innovative in-house bank solution. This transformation achieved remarkable results, including enhanced automation, visibility, and streamlined processes across the organization.

Prominent Quote: Michael is the driving force behind the company’s award-winning treasury technology implementation, which won the EuroFinance Excellence Award 2023 for Best Technology Implementation and the Global Finance award 2023 for Best Treasury Management Software.

Closing

Moderator Pieter de Kiewit emphasized the ongoing evolution of corporate payments and the need for continuous adaptation to the ever-changing treasury landscape.

Pieter de Kiewit “We’re not just discussing the past and present; we’re paving the way for the future of corporate payments.”

For those who missed the live session, watch the recording here. The journey through the evolution of corporate payments continues, and the future holds exciting possibilities for further innovation and transformation. Keep an eye on TISpayments.com for the latest news. Hope to see you next time!

Go to our Live Session recording page to watch our previous sessions. Enjoy!