For quite some time, treasury tasks at CORESTATE were carried out by the Controlling and Accounting department. Over the years, the company has grown both organically and non-organically, with a tenfold increase of assets under management. In 2018, CORESTATE decided it was time for a Treasury department and saw the restructuring of treasury operations as an opportunity to make its treasury processes future-proof.
The new Head of Treasury, Tobias Wriedt, was tasked with an ambitious digitalization project. The first thing was to set up a central database. “Prior to the project, we lacked a central overview. This hindered us to reach our full potential in cash management and liquidity planning,” says Tobias Wriedt. Another objective was to standardize processes. For corporate payments alone, six different systems were in use, with more than 100 access points via EBICS.
At first, CORESTATE considered an All-in-One solution for payments, cash and liquidity planning, and loan management. However, it turned out that such a solution would not meet all of CORESTATE’s needs, especially with regards to the desired time schedule for roll-out. Instead, CORESTATE opted for a Best-of-Breed approach, which allowed the company to break down the project into three phases and select the best solution for each phase.
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