While many companies boast of a global presence, Trafigura’s operations are truly global, involving countless financial transactions across the globe daily. Many different nations, corporate entities, and currencies are involved. And, of course, many different financial institutions.
Prior to working with Fides, Trafigura’s treasury department was managing all of those financial relationships manually, using each bank’s proprietary platform. Making payments, monitoring accounts, and all the normal relationship-management chores were performed using the banks’ ebanking platforms.
The absence of automation resulted in numerous and daily challenges. The countless man-hours being spent on manual transaction and bank relationship management were expended simply in the performance of completing routine chores.
The Trafigura treasury leadership felt that centralization was the answer in making their international banking relationships more easily and efficiently managed. They decided to move to a more automated approach of centralizing all their banking relationships. But where would they turn?
Gregor Mueller is the Global Head of Treasury at Trafigura. Gregor helped formulate the decision to move toward centralization, and guided the process of selecting a SWIFT service bureau. In a recent discussion with Fides, Gregor reflected upon the process of evaluating and selecting a multibank service provider. Gregor also provided some insights into the benefits the Trafigura treasury department has enjoyed since centralizing banking operations.