How Expedia created a robust treasury function to provide a stable financial foundation

Best Cash Management Solution

Highly Commended Winner

Expedia Group

Photo of Jay Murdamoothoo, J.P. Morgan, Candace Wenzel, Citi, Jim Scurlock, Expedia Group and Anupama Adhikari, Bank of America.

Jim Scurlock

Senior Director, Assistant Treasurer

United States

Expedia Group, Inc. is an American travel technology company that owns and operates travel fare aggregators and travel metasearch engines, including Expedia, Hotels.com, Vrbo, Travelocity, Hotwire.com, Orbitz, Ebookers, CheapTickets, CarRentals.com, Expedia Cruises, Wotif and Trivago.

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The challenge

The Expedia Group has undergone a significant transformation in its cash management strategy over the past year. Meanwhile, the travel industry has faced unprecedented challenges and opportunities, requiring companies to be highly adaptable and financially resilient.

Expedia faced the complexities of managing cash across a multitude of bank accounts and banking partners globally. This often led to:

Fragmented cash visibility: limited real-time insight into global cash positions, hindering effective liquidity management and investment decisions.
Operational inefficiencies: manual processes for reconciliation, payments, and reporting due to disparate banking systems and numerous relationships.
Increased costs: higher banking fees associated with maintaining many accounts and managing international transactions.
Suboptimal liquidity utilisation: cash trapped in various accounts, preventing its efficient deployment across the organisation.

The solution

Expedia Group’s treasury embarked on a multi-pronged strategy to address these challenges, focusing on centralisation, standardisation and technological innovation.

The implementation process involved managing multiple bank partners and their technology partners and included:

Facilitating account onboarding.
In-house bank (IHB) design.
Implementing and migrating payments and collections to new bank partners.

Over the past year, Expedia has significantly reduced the number of its banking partners and accounts worldwide which:

Simplified banking architecture for improved manageability.
Enhanced relationship management with a few core banks, leading to better service and pricing.
Improved efficiency by reducing the administrative burden of managing numerous accounts and relationships.

Expedia undertook a comprehensive review and optimisation of its global account structure involving:

Opening and closing accounts strategically based on business needs, regional requirements and operational efficiency.
Implementing a pooling and netting structure which reduces external borrowing needs and optimises interest income.

The cornerstone of Expedia’s cash management transformation is the implementation of an IHB, which acts as an internal financial service provider, centralising treasury functions and enabling the efficient use and movement of cash across Expedia’s various entities.

Best practice and innovation

This project involved closing over 20 bank accounts, decommissioning one online banking portal and exiting two banking relationships. This decisive action has significantly simplified the company’s banking footprint, directly contributing to reduced ongoing fees and a lower operational risk profile.

The introduction of the IHB enabled automatic cash centralisation across all subsidiaries, eliminating the previous need for new intercompany term loans. These combined efforts have not only improved overall operational efficiency but also optimised the yield on excess cash and strengthened the company’s control over its global liquidity.

Key benefits

Cost savings.
Number of banking partners/bank accounts reduced.
Future-proof solution.
Improved visibility.
Increased system connectivity.

The Expedia Group’s treasury transformation has a significant, albeit indirect, positive social impact, aligning with its role as a key player in the global travel ecosystem.

By streamlining its payment processes through the IHB, Expedia can ensure faster, more reliable payments to its vast network of global partners, many of whom are small and medium-sized enterprises (SMEs) in local communities.

The financial resilience gained through efficient cash management allows Expedia to better navigate the inherent volatility of the travel industry, including unforeseen global events or economic downturns.

Improved financial health and operational efficiency can free up resources and capital, enabling Expedia to further invest in its corporate social responsibility (CSR) initiatives. This includes programmes focused on promoting sustainable tourism, supporting community development projects in travel destinations and contributing to environmental protection efforts.

A robust treasury function provides the stable financial foundation needed for such long-term commitments.

Bank of America congratulates Expedia Group on this well-deserved recognition. Expedia’s treasury transformation demonstrates a clear commitment to simplification, centralisation and resilience at global scale. Through the successful implementation of an IHB and rationalisation of banking structures, Expedia has enhanced cash visibility, optimised liquidity and strengthened operational control. By reducing complexity, the organisation has built a solid foundation to support growth in a dynamic industry. Bank of America is proud to work with Expedia as it continues to advance its modern, efficient cash management strategy.

in partnership with

Candace Wenzel

Director, Global Solution Sales, Citi

Congratulations to Expedia Group on being named as a Highly Commended Winner for Best Cash Management Solution in the prestigious Treasury Today Group Adam Smith Awards 2026! This recognition truly highlights Expedia treasury’s innovative and transformative approach to optimising global cash management. Their strategic efforts in centralising treasury functions, streamlining banking architecture and implementing an IHB have yielded exceptional results. This achievement underscores their commitment to enabling enhanced cash visibility, improved liquidity, and significant operational efficiencies across their global operations, setting a benchmark for financial resilience and strategic foresight in a dynamic industry.

in partnership with

Erik Smolders

Managing Director, Global Treasury Advisory, Deloitte

Congratulations to Expedia Group, Inc. on completing a landmark treasury transformation that converted a fragmented, largely domestic liquidity model into a centralised global framework – encompassing a multi-bank global cash pool, an IHB and intercompany netting across more than 100 legal entities in 15 currencies. By integrating Oracle Cloud ERP with the ION Reval Treasury Management System through API connectivity, Expedia has achieved real-time visibility, reduced operational risk and unlocked trapped liquidity to fuel smarter capital deployment worldwide. This achievement, recognised through winning the prestigious Adam Smith Award, stands as a testament to Expedia’s commitment to treasury excellence and its ability to execute transformational change at scale. Deloitte is proud to have supported Expedia in this transformative initiative.

in partnership with

Larson McNeil

Managing Director, Co-Head Marketplaces & Digital Ecosystems, J.P. Morgan

Expedia’s Adam Smith Award recognition is a testament to what a focused, modern treasury organisation can achieve when technology, operational discipline and strategic partnership come together. By consolidating banking relationships, optimising global account structures and implementing an in-house bank, Expedia has simplified its global banking footprint and built a stronger, more agile financial foundation. We’re excited to continue supporting Expedia as they build on this momentum.

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The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2026 awards attracted 635 nominations. To find out more please visit treasurytoday.com/adam-smith-awards

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