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Treasurers Turn the Tables on Banks

The mantra at treasuries today is, "One format, one pipe" to make payments anywhere on the globe, and banks and treasury technology companies are trying their best to comply

By Richard Gamble | Updated on September 05, 2007

Pharmaceutical companies like Merck & Co. distinguish themselves by pushing the boundaries in their research for new cures. But these days, Merck is also focusing on the potential for innovation in financial services, asking for–and getting–some startling advances that should provide the Whitehouse Station, N.J.-based drug maker an expansion in cash management that revolutionizes how it works with global banks.

The quest began with an RFP that Merck sent to the big global banks in 2006. The goal for the new treasury setup for which Merck was seeking support: to be able to push one file in one format through one pipe to make payments anywhere in the world in any currency. This would involve directing this information through not only the company’s Wall Street Systems treasury workstation, but also through its SAP enterprise resource planning (ERP) system.

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