Search
 

Silver AHA Winner in Cash Management

Cutting Way Back on Banks: Sun Chemical

By Staff Writer | Updated on November 01, 2011

Sun Chemical, a $3.5 billion supplier of printing ink, pigments and other specialty chemicals in Parsippany, N.J., ambitiously moved from 150 disparate systems to a single enterprise-wide application of SAP, went from 69 banking relationships to just one, and consolidated treasury activity into a single global cash operations center, all at the same time.

With all the SAP functionality available, including treasury and risk management modules, the company set some lofty goals. Consolidate business with one bank to achieve maximum efficiency and lower fees. The choice was Citigroup Global Transaction Services. Then, as advised by consultancy e5 Solutions Group, improve AP and AR automation across the enterprise. Build an efficient liquidity structure. Improve internal controls, which included bringing an outsourced shared services center in-house. To craft a global cash operations center, treasury methodically merged regional operations into one center in Cincinnati. With one bank, one template and one cash operations center, huge payment files could move through host-to-host connections.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.