Bank of America Merrill Lynch (BofAML) initially presented WorleyParsons with a comprehensive accounts payable proposition, highlighting the benefits of implementing a global corporate T&E and procurement card programme. “This led to the bank doing some more extensive analysis on our existing accounts payable file, including performing vendor analysis as to which payments were ‘cardable’,” says Holt. This outlined to WorleyParsons the enormous opportunity it had in optimising its procure-to-pay process and gaining benefits from card payments.
WorleyParsons selected the solution provided by BofAML on the basis of the bank’s technology platform, global footprint and the ability to get information into the company’s Global reporting and Account Management (GRAM) portal.
The solution includes local currency cards across many of the company’s operating countries. A cross-border USD card is also being implemented to support WorleyParsons’ other locations.
Where procurement is concerned, the solution includes leveraging cards as a payment method and using the bank’s innovative virtual card solutions in North America, Europe and Asia. The solution also provides full integration with the company’s expense management system.
Best practice and innovation
The programme, which will incorporate over 4,500 cards with over $400m in cardable spend per annum, is set to cover over 40 countries in Asia Pacific, EMEA, Canada, the United States and South America. As well as implementing best practice card processes at a global level, WorleyParsons has looked beyond the typical parameters of a card programme and identified further opportunities to benefit the company. “We’ve embraced card payments not only for our traditional T&E, but also for our global procurement spend,” says Holt. “This is where we see the real value of the solution.”
Holt expects that over time 100,000 corporate procurement invoices will be replaced by the card solution, resulting in additional cost benefits. By providing a convenient, easy-to-use card they will also continue the drive for improved compliance to their procurement policy.