Streamline Bank Connectivity to Automate Cash Reporting
Fortune 500 US Bank and Retail Brokerage
Vendor Assessment, Business Analysis, Project Management, User Acceptance Testing
Client sought to establish a standardized methodology to connect to each of its banks to replace the use of individual online portals. Reference Point led the implementation of a vendor-developed Treasury Workstation solution, including the establishment of connectivity to the SWIFT network.
- Client had recently abandoned its vendor-developed Treasury Workstation due to connectivity issues and inability to obtain balance information for several key accounts.
- Management wanted to re-implement the Workstation in order to automate cash position reporting and strengthen controls around payment templates and wire processing.
- Client required business analysis and project management support to guide the reimplementation of the Treasury Workstation.
- Reference Point deployed a team led by the former Vice President of Global Treasury Operations at Goldman Sachs to perform a post-mortem assessment of the abandonment of the prior workstation solution and to document the functional requirements for its reimplementation.
- Reference Point led the contract negation and vendor on-boarding processes to ensure that the right resources were available for implementation based on lessons learned from the post-mortem assessment.
- Additionally, Reference Point served as the project manager throughout the implementation, coordinating between the vendor and the Bank’s Treasury and Technology teams to identify and resolve issues and track overall progress against the project plan. Reference Point also led security and user acceptance testing to prepare the Client for go-live.
- Reference Point subject matter experts recommended that the Bank become a member of the SWIFT network to enable standardized connectivity and messaging with their bank partners, and successfully guided the bank through the process of joining SWIFT.
- After successful go-live, the Treasury team was able to produce daily cash position reports in a matter of minutes, eliminating hours of manual work each day. Reference Point also suggested a number of additional reporting enhancements to be explored based on additional functionality available in the Workstation.
- Overall payments security was strengthened with the use of standardized templates and the robust access controls inherent in the Workstation.