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Cash Management

International Paper cuts global waste

By Staff Writer | Updated on October 01, 2003

By the late 1990s, treasury operations at International Paper Co. had become very decentralized. As it built up its global business, IP treasury’s evolving infrastructure included multiple bank platforms, lots of bank accounts and some cash balances that had literally dropped below the radar screen of corporate headquarters. Inefficient? Definitely. But the potential dangers of the situation were brought home to the company a couple of years ago when a bank employee alerted it to an attempted fraudulent wire transfer.

Treasury needed more than tweaking; it needed an overhaul. So beginning in 2001 and then in 2002, the paper products giant took a scalpel to its treasury operations and made some startling discoveries, including $60 million in cash that was lying fallow or less than optimally invested.

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