Separating treasury systems and data through a demerger

After five years helping transform the parent company's group treasury, SkySparc was asked to help lead the treasury demerger strategy and deliver the TMS and SAP ERP separations.

• Dependent TMS and ERP workstreams across two organisations with different methods but one timeline
• Restructuring cash and in-house bank operations for the new business's Day 1
• Disentangling processes and target operating models across multiple regions and entities
• Board-driven timelines that had to be tightly managed
• Delivery and the demerger itself carried out fully remotely during the pandemic

SkySparc developed and drove the separation strategy for end-to-end treasury operations.

• A technical separation approach for both the TMS and ERP
• A new FIS Quantum instance built for the new entity, including data separation, configuration and interface redesign
• Advisory on carving out in-house cash centres while preserving historical data
• A data migration framework tracking business approvals
• End-to-end testing for both the existing and new group, using reusable test libraries
• A multi-stage, de-risked cutover plan across TMS and ERP

The new legal entity separated on track and on budget, with no regression impact on the existing business.

• 614 bank accounts migrated to a new SWIFT BIC address
• More than £60bn in assets separated
• Two new in-house bank centres created
• Zero go-live data quality issues in the separated in-house bank
• On-the-ground hypercare that removed Day 1 challenges

"The SkySparc team is an important strategic partner for us. A trustworthy and reliable partner that understands our business and will be able to support the organisation in the future." Deputy Treasurer