A global treasury and banking platform on FIS Integrity
Treasury period-end close shortened by two days
One of Africa's largest listed financial services providers ran a heavily manual treasury, cash and bank connectivity environment covering more than 3,000 bank accounts.
Stronger controls and automated cash management on FIS Integrity
2 days
Reduction in treasury period-end close
ZAR 0.7m
Monthly savings in bank charges
1 FTE
Headcount saving through optimisation
The challenge
Inadequate controls and manual processes created major risk and kept treasury from supporting the business strategically. Any change had to work within a large, regulated structure with separate investments and finance teams.
- Balances collected through e-banking portals for more than 3,000 accounts across 25 banks
- Disconnected, manual integrations between market data, banks, trading and multiple general ledgers
- Bank connectivity standards that complicated interfacing with local and international banks
- Local instruments such as step-up notes, unit funds and FX derivatives run by two separate teams
- Widespread use of spreadsheets creating control and audit challenges
- Regulatory pressure for more timely and transparent management reporting
The solution
Following a detailed review of architecture and processes, SkySparc delivered FIS Integrity through an agile, multi-release programme, with managed testing and digital process services to ensure broad adoption.
- FIS Integrity designed and implemented for cash management, dealing, confirmations, payments and treasury accounting
- Interface content for local and cross-border payments, statements and central bank clearing
- Bespoke instruments set up for FX dealing, unitised funds and step-up notes
- End-to-end testing managed on a dedicated test platform with reusable test libraries
- FIS Integrity reports and Power BI analytics to accelerate management reporting
- Procedure and troubleshooting content in a searchable wiki for daily, weekly and monthly tasks
The result
FIS Integrity now consolidates 80% of the client's bank statements at the start of each day.
- Treasury period-end close two days shorter
- ZAR 0.7m a month saved in bank charges
- ZAR 1.5m a year saved in licensing and support costs
- One FTE saved through optimisation
- More than 2,000 bank accounts moved from spreadsheets to full automation
- Full integration of transactions and accounting journals with Oracle and SmartStream
"FIS Integrity and our implementation partner SkySparc, have given us a competitive edge to lead our business with an optimal, automated cash management strategy." Head of Treasury