Best Cash Management Project in Asia Pacific goes to Bank of America and Arcelik Hitachi
A global household appliance manufacturer expanded into Asia Pacific through a joint venture with Hitachi Global Life Solutions. Challenges arose, including legacy systems with over 200 bank accounts, non-standard processes, paper-intensive treasury structures, five ERP systems, and trapped cash in regulated countries.
The bank swiftly implemented multicurrency notional pooling, virtual accounts for receivables visibility, and a streamlined treasury structure in a record six months—something larger treasury teams can take longer to complete. The project reduced bank accounts by 70% and provided a decentralised solution for payments, receivables, Forex transactions, liquidity, and reporting.
For implementing a decentralised structure and consolidating its number of bank accounts by 70%, the award for Best Cash Management Project in Asia Pacific goes to Bank of America and Arcelik Hitachi.