To address these challenges, Accenture launched the Treasury Transformation program. This 18-month program focused on four things:
Replace bank “plumbing”—the proprietary platforms that enable transactions—with more flexible solutions based on the common global structure and SWIFT formats: the Society for Worldwide Interbank Financial Telecommunication. This would enable Accenture to spread its risk by working with more banks more easily, and changing banks quickly if the need arises.
Director Global Liquidity and Banking and Treasury Transformation Program Business Lead.
The outcomes of the Treasury Transformation program have allowed Accenture to further optimize the company’s structure to better fit its goal of being able to operate in more than one bank in a particular country in the most efficient way. Accenture now has the processes in place to switch banks within weeks rather than months when the need arises. It doubled its family of banking partners for core cash management transactions, effectively becoming bank agnostic, and scored impressive gains in operating efficiency. For example, the time required to reconcile regional accounts has been cut by 70 percent, and a streamlined cashless intercompany settlement process replaces duplicative manual processes. Other operating efficiencies result from a significant reduction in treasury workload, enabling Accenture to consolidate its regional treasury centers from three to two, reducing its operating budget by $1 million over three years.
A reduction of $500 million cash moving between Accenture’s bank accounts every month in intercompany bill settlement due to cashless, automated transactions has reduced bank transaction charges significantly. Additionally, the manual effort devoted to withholding tax calculations and processing intercompany charges has been largely eliminated. Cashless, automated intercompany processing also enables quicker settlement and elimination of foreign exchange exposures.