Nucor: Payments Innovator Award Winner

Awarded to the company that has minimized fraud, standardized and streamlined check payment processing. Nominated by 3PO Consulting.

Challenges

• High volume check payment processing creates a unique payments environment in that checks have been, and will continue to be, a primary method of payment in their industry
• Highly decentralized treasury operations with 150+ divisions operating independently with multiple ERP’s and 12+ banking relationships

Solution

• 3PO Consulting and Nucor utilized a transformation tool to normalize payment files originated by each of the 150+ divisions before the data was provided to Kyriba
• Centralized check payment processing operations with PNC Bank, which utilizes the new ISO payment formats and has the ability to issue checks on behalf of Nucor’s other 12+ banks

Results

• The full end-to-end process includes return acknowledgments, providing complete visibility into the payment process for each of the 150+ divisions
• Centralized technical and banking relationship approach dramatically simplified the process and eliminated the need for individual banking relationships with each division