New York, NY – Inchcape Shipping Services (ISS), the leading global maritime and logistics service provider, has selected and deployed C2Treasury, TreasuryXpress’ enterprise treasury management solution (TMS) to centralize cash management globally, optimize cash forecasting and automate bank account management and connectivity.
With operations in 300 offices across some 70 countries around the globe, ISS had been managing its treasury efforts and over 250 bank accounts locally prior to implementing C2Treasury. As a result of enabling the new operating model and achieving internal efficiencies and improving risk management across the Group and with the influence of mounting bank regulations such as KYC, the company knew they needed to approach their future treasury management from a centralized perspective. A treasury platform that had the ability to scale and grow with them was critical. Transparent pricing and solution flexibility was also key.
“We had a growing need to consolidate and centralize the treasury operations of our entities and achieve greater control and efficiency. Comprehensive geographic coverage and pricing were top priorities to us,” says Nirpal Bharaj, Treasurer at Inchcape Shipping Services. “We selected the C2Treasury solution from TreasuryXpress because it simply checked all of our boxes and more from both flexibility and functionality perspective. A major decided factor for us was the TreasuryXpress team themselves, they are completely focused on their clients, a trait that is reflected at ISS.”
Since going live with the TMS in just under 12 weeks, ISS treasury have managed to capture over 60% cash visibility with ongoing work to capture over 95% cash visibility. Over the next few years ISS Treasury will start implementing C2Treasury’s in-house banking, bank connectivity, payment factory, and bank reconciliation and settlement features. Now working in a centralized treasury model, the team is already benefiting from the ability to maximize resources previously spent on manually reporting and cash forecasting.
“Nirpal and the team at ISS had the vision to proactively and sustainably transform their treasury operations to handle future growth and drive continuous business innovation,” says Anis Rahal, CEO and founder of TreasuryXpress. “At TreasuryXpress, we are guided by the promise to help treasury teams economize and optimize their operations and day-to-day work, we are very pleased that they have chosen us as their treasury management partner.”