Hästens’ multiple entities conduct operations around the world. The company does business with seven core banks, but a number of these banks comprise multiple relationships with subsidiaries, totaling in the hundreds.
While Hästens had a treasury management system in place, its TMS did not automatically amalgamate all the information. Each bank provided the information the company needed, such as bank statements, through its own bank portal or via email. Hästens staff had to manually download the information needed from each bank and then import it into the TMS, which was time-consuming and opened up greater risk of error.
Group Treasurer and Commercial Finance Manager Christian Azzopardi is a director of Hästens Limited, handling the administration of the Maltese company, and is also responsible for treasury operations across all the Hästens companies, managing everything related to cashflow, banking relationships, foreign exchange, etc. He had implemented Fides at a previous company, and knew that it would be the right fit for Hästens.