Worldpay, a global leader in payments processing technology and solutions, is relying on Kyriba’s leading cloud technology to help modernize the company’s treasury operations.
Challenging regulations and managing rapid expansion
Changes in regulatory requirements forced the company to restructure. This resulted in a duplication of processes and reporting, which increased both the complexity of treasury overall and the workloads of individual treasurers. At the same time, Worldpay was growing fast, thanks to a series of M&A activities that created new international subsidiaries, and an initial public offering in 2015.
Download the entire case study: Worldpay’s Fast-Track to Treasury Technology Excellence
Gaining consolidated views to optimize decision support
Recognizing that it needed a more integrated approach to managing treasury across multiple entities, Worldpay’s treasury team invested in a new treasury management system (TMS) from Kyriba with the aim of optimizing processes and positioning its activities to further support business growth across the organization.
“The team is able to answer queries very quickly, which saves significant time and further enhances business and senior management confidence in treasury,” said Treasury Manager Chris McLoughlin. The system also enables treasury to add value to the business in new ways. For example, by introducing internal cash flow forecasting as opposed to merchant cash flow forecasting, said McLoughlin.
In addition, Worldpay enjoys significant cost and control benefits as a result of having the TMS, such as alerts that notify operational teams of overdrafts and having the ability to keep up with regulatory, market and internal changes without the need to supplement existing resources. The team also uses Kyriba to achieve visibility and control over its accounts and to manage its cash balances on a zero-balancing basis.
As a result of the better accuracy, completeness and timeliness offered by Kyriba, Worldpay’s executives are empowered to make better and faster liquidity and risk decisions, reduce the company’s cash reserves and anticipate operational or strategic cash flow issues further in advance. Read the full case study here.