In October 2020, Casey's General Stores formed a treasury function for the first time. The chain of around 2,650 convenience stores primarily serves smaller, rural communities. "We were founded in Boone, Iowa, in 1968, and we are proud to be a critical resource for the communities we serve," explains Eric Larsen, Casey's treasurer. "In many of those communities, we are the only local source for groceries and fuel."

This business model means Casey's does a lot of business in cash. By the time the company wound up its treasury department, its scale had made management of bills and coins a significant business challenge.

"When we would open a store in a smaller town, we would need a bank account nearby so that the store manager could deposit our physical cash and get change orders back to the store," Larsen explains. "Our only option might be a small community bank because everything needed to be done locally. In total, at one time, we had 2,345 accounts at 890 different bank branches. We had a cash-sweep process to our main concentration bank, but the central store support center in Iowa would need to process statements from all those individual branches.