Creating a streamlined, efficient process for Canary Wharf Group tenants

Best Cash Management Solution

Highly Commended Winner

Canary Wharf Group

Photo of Ritu Jutla, Goldman Sachs Transaction Banking, Issam Nakhcha and Marie-Anne Walker, Canary Wharf Group.

Nagam Al-Kadhi

Deputy Treasurer

United Kingdom

Canary Wharf Group plc is a British property company headquartered in London, England. It is the owner and developer of 128 acres of property at Canary Wharf and elsewhere in London. Over the last ten years it has constructed more office space in London than any other developer.

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The challenge

Canary Wharf Group (CWG) offers a range of access to bars, cafes, restaurants, grocery stores, pharmacies and health clubs in addition to workspace. CWG recorded its highest annual footfall of more than 76 million in 2025. High volumes of commercial tenants required a streamlined, efficient process for managing tenancy deposits and associated interest payments.

Previous systems required Accounts Payable to manually manage interest allocations and deposit reconciliation for each tenant. This resulted in a decentralised liquidity pool, which drove high operational complexity and elevated bank fees.

CWG strategically implemented a treasury management system (TMS), Nomentia, to automate and optimise payments. The goal was to achieve a single source of truth for data across accounts, gaining real-time visibility into liquidity and maximising interest returns.

The solution

CWG’s expansive portfolio required an account structure capable of supporting high transaction volumes, complex reconciliation, interest accrual, and automated tenancy deposit processing, including end-to-end journaling through the entire lifecycle.

CWG turned to Goldman Sachs Transaction Banking’s (TxB) Virtual Integrated Accounts (VIAs) and Intelligent Payments Engine (IPE), which offered account management flexibility and payment optimisation.

Integrating TxB’s IPE allowed CWG to automatically route payments based on information provided and transaction value, optimising payment routing to be cost-efficient and automated.

This innovative approach assigns a unique VIA to each tenant, enabling automated reconciliation and digital reporting for each tenant’s activity.

This solution allows CWG to set up interest rates at the virtual account level, allowing the group to accrue interest earned on deposits for each individual tenant. Interest is automatically allocated into each VIA, reducing manual reconciliation effort and consolidating reporting within the same structure.

Working closely with TMS consultants, CWG completed the implementation within three months, demonstrating strong coordination and commitment to modernisation.

“This recognition means a huge amount to me and the team. We set out to bring a single source of truth to a very complex treasury structure, and to see that transformation recognised by the Adam Smith Awards is fantastic. It’s a real testament to the collaboration between CWG and Goldman Sachs.”

Nagam Al-Kadhi, Deputy Treasurer

Best practice and innovation

CWG pioneered the use of TxB VIAs within the real estate sector. Assigning each tenant a unique VIA helped CWG eliminate manual interest allocation and dramatically reduce reconciliation effort.

This innovative approach enabled a substantial reduction in physical bank accounts, simplifying treasury operations. Self-service account opening and closure helped streamline onboarding and improve operational agility.

TxB’s IPE, used in tandem with a VIA structure, automated payment routing based on transaction details, ensuring cost-effectiveness and simplicity. It also helped to ensure speed and reliability of payments by leveraging direct clearing memberships with with the UK’s CHAPS and faster payments service (FPS).

Key benefits

Cost savings.
Process efficiencies.
Risk mitigation.
Number of banking partners/bank accounts reduced.
Exceptional implementation (budget/time).
Future-proof solution.
Improved visibility.
Increased automation.
Increased system connectivity.
Manual intervention reduced.
Reduction in errors.

CWG aimed to rationalise its complex structure and achieve real-time visibility into liquidity. The solution reduced the number of physical accounts supported by virtual accounts, thereby centralising liquidity and simplifying operations.

The VIA structures and granular data they provide helped CWG establish a single source of truth for their data, leading to a real-time, centralised view of liquidity.

Ritu Jutla

Global Co-head, Goldman Sachs Transaction Banking Coverage

CWG set a new benchmark for treasury innovation in real estate, transforming how tenancy deposits and interest payments are managed across its portfolio. Leveraging Goldman Sachs Transaction Banking’s (TxBTM) VIAs and IPE CWG used VIAs to reduce physical accounts from 290 to 16, automated tenant-level interest accrual, and unlocked real-time liquidity visibility – all delivered in just three months. We are thrilled to see CWG recognised for their forward-thinking approach, and on behalf of the entire TxB team, we wholeheartedly congratulate them on redefining what’s possible for treasury in the real estate sector.

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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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