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

Kyriba’s Liquidity Excellence Awards recognize clients, both at the corporate and individual level, for excellence in Treasury, Finance and Cash Management. Winners are nominated by their peers and partners, and are announced at KyribaLive, Kyriba’s annual user conference. Nominating partners also receive acknowledgement for their contribution to these clients’ successes.

Company awards recognize outstanding performance across six award categories: Treasury Transformation, Achievements in Productivity, FX Optimization, Payment Innovation, Working Capital, and Implementation the Year.

Recognition is also given to individual contributors for outstanding performance across four award categories: Peak Performer, Pivotal API, Data Demon, and Elevated Visibility.

Check out our complete list of 2023 Liquidity Excellence Award Winners. Congratulations to all!