Etex has multiple accounting service centers, which are regionally centralized. A couple of years ago, treasury analyst Charline Renard was approached by the service center which manages central operations for Belgium, the Netherlands, Spain, Portugal, and a few other countries. Having seen the success realized by treasury, the service center wanted to implement SWIFT connectivity for all its accounts as well.
Connecting 17 countries with 10 different banks in Europe plus an SAP ERP was a huge scope of work, taking two years of implementation time. Approximately 150 bank accounts were involved, and connectivity was needed for both statements and payments. This again proved to be successful.
The SWIFT projects provided Etex with the opportunity to review and improve the payment file release process. With systems integrated and payment files encrypted, the process went from being semi-manual to fully automated.
Fides is able to convert any type of statement format, ensuring consistency. On the treasury side, the statements are always structured the same way, and the transfers are almost always zero balance movements. That makes it easy to automate transfers based on certain rules and triggers.