TeamViewer

How TeamViewer’s Two-Person Treasury Team Achieved Global Payments Automation & Cash Visibility

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TeamViewer is a global technology company that provides a connectivity platform to remotely access, control, manage, monitor, and repair devices of any kind – from laptops and mobile phones to industrial machines and robots.

Today, TeamViewer has around 620,000 subscribers and enables companies of all sizes and industries to digitalize their business-critical processes through seamless connectivity. Against the backdrop of global megatrends like device proliferation and automation, TeamViewer is proactively shaping digital trends and continuously innovating in the fields of Augmented Reality, Internet of Things (IoT), and Artificial Intelligence (AI).

Since the company’s founding in 2005, TeamViewer’s software has been installed on more than 2.5 billion devices worldwide. The company is headquartered in Goppingen, Germany, but maintains 12 international offices and employs more than 1,300 personnel worldwide. Today, TeamViewer is listed on the Frankfurt Stock Exchange (TMV) and is part of the MDAX performance index.

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TeamViewer’s Treasury Challenges

As a rapidly growing company with a global presence, TeamViewer’s huge success has not come without significant challenges for their treasury department. By 2019, TeamViewer’s 2-person treasury team had to manage 10 legal entities, 7 banks, and 39 individual bank accounts spread across 11 countries. Although 15 of these accounts were managed through a centralized solution, the other 24 accounts had to be accessed via a disparate range of electronic banking systems and portals. Due to this plurality of systems and banking solutions – which is a common pain point for large international companies – TeamViewer’s treasury group was confronted with an abundance of time-consuming, manual, and potentially error-prone workflows. At the time, a significant degree of treasury’s daily bandwidth was spent on manually handling the different e-banking solutions, making sure workflows were secure and compliant, and maintaining visibility across their global cash balances and payment statuses.