General Electric Co.'s Kristen Michaud is a top client in a business that generates $1 trillion a year for banks—and she's deeply frustrated.
Michaud helps run GE's cash-management system, using 200 banks and 8,000 accounts to move money to remote corners of the world. When sending cash, she doesn't always know how much intermediaries might nibble away in fees or when it will reach suppliers. Payments can pass from bank to bank, arriving in strange amounts with memos erased, leaving recipients confused.
“You might have a supplier calling you up saying they didn't get paid, and then you're spending days working with multiple banking partners to chase down the status,” Michaud says. “It could take multiple days for a bank to respond.”
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:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
