Pluxee creates a single, controlled workflow for short-term investments

Best Investing Solution

Highly Commended Winner

Pluxee

Photo of Julie Maquest, J.P. Morgan Asset Management, Zoé Docquier, Francini Vargas Vargas and Eoin James Hugh Edwards, Pluxee.

Eoin James Hugh Edwards

Head of Front Office Group Treasury

Paris, France

Pluxee is a global employee benefits and engagement company that provides digital solutions for corporate rewards, meal allowances, gifts and wellness programmes. Formerly known as Sodexo Benefits and Rewards Services, it became an independent company in 2023 and operates in over 30 countries.

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The challenge

In February 2024, Pluxee completed its carve-out from Sodexo and listing on Euronext Paris, requiring a fully autonomous finance function, including global treasury to support a newly independent, public company. Before the spin-off, treasury activities were partly centralised within Sodexo; Pluxee’s remit centred on operational cash management with limited asset management scope.

As a stand-alone issuer, group treasury now owned end‑to-end financing and liquidity, debt issuance, liquidity management, daily cash positioning and forecasting, financial risk oversight, banking structure redesign and asset management under independent investment frameworks. New realities compounded complexity: higher liquidity volatility, rating and counterparty driven limits, heightened regulatory scrutiny and a high rate environment that made idle cash costly while tightening risk tolerance.

A new solution was needed to standardise and automate surplus cash deployment, preserve principal, deliver competitive yield within defined limits and scale across jurisdictions and counterparties under clear governance.

The solution

The solution was an end-to-end integration of Morgan Money, J.P. Morgan’s open-architecture liquidity trading and analytics platform, with Kyriba, Pluxee’s treasury management system (TMS). This created a single, controlled workflow for short-term investments, combining fund access, analytics and risk management insights in Morgan Money with cash, payments and reporting in Kyriba.

Implementation focused on straight through processing and governance:

Digitised subscriptions and redemptions in Morgan Money.
Automated settlement instructions from Morgan Money directly to the custodian.
Automated creation of trades and updated portfolio positions in Kyriba.
Embedded controls (segregation of duties, approval workflows), data mapping and reconciliation between platforms.
User acceptance testing and a phased go-live to de-risk adoption.

Key obstacles addressed included harmonising static data and workflows across entities, standardising approval and settlement processes with the custodian, and ensuring auditability and resilience under volatile liquidity conditions. The integrated set-up now allows group treasury to execute front-to-back investment activity in one environment, improving control, speed and accuracy while aligning with Pluxee’s risk appetite and governance.

Best practice and innovation

The Morgan Money – Kyriba integration replaced fragmented, portal-based workflows at Pluxee with a standardised, scalable, bank-agnostic architecture for money market fund portfolio management. It enables straight through processing, SSO-protected access and a single source of validated investment data across institutions, eliminating phone orders, duplicate entry and manual aggregation.

Daily automated reporting provides near real-time visibility of positions, exposures, yields, WAM and counterparty utilisation, supporting proactive limit management and liquidity steering. Governance is embedded by design: standardised data mapping, automated validation controls, maker-checker workflows, counterparty and rating limit monitoring, ESG screening and full audit traceability.

The solution also supports International Financial Reporting Standards (IFRS) compliant valuation, liquidity stress testing and alignment with integrated cash forecasting, strengthening asset-liability management. Innovation is evident in the bank-agnostic integration layer, which allows new partners to be onboarded without re-engineering, and in analytics that enable dynamic yield optimisation within an approved risk appetite.

Key benefits

Cost savings.
Headcount savings.
Return on investment (ROI).
Risk mitigation.
Improved visibility.
Increased automation.
Increased system connectivity.
Manual intervention reduced.
Reduction in errors.

The impact is measurable: manual processing time reduced by an average of four hours per week, higher data accuracy and faster cycle times. Collectively, the solution elevates treasury from a transactional operator to a strategic liquidity and risk function aligned to listed company standards.

The project aimed to centralise access and oversight of money market funds, cut manual processes and establish a framework to support treasury’s evolving liquidity strategy and optimise financial revenue.

These objectives were met by integrating four banking partners into a standardised, bank-agnostic architecture that streams automated money market fund data directly into the TMS, creating a single, reliable source of investment information and a unified communication channel.

Operationally, treasury now benefits from daily automated reporting and timely, consistent data across institutions, enabling faster, better-informed investment decisions. Financially, enhanced access and oversight have delivered a tangible uplift: an average improvement of ten basis points in investment yield and a significant reduction in idle cash balances.

Julie Maquest

Client Advisor, Global Liquidity, J.P. Morgan Asset Management

Pluxee’s transition to a stand-alone, listed company demanded that treasury move quickly from largely operational cash handling to a more institutional, policy-led investment approach, without adding friction for the teams running day-to-day liquidity. Leveraging J.P. Morgan Asset Management and Morgan Money, we partnered with Pluxee to put in place a streamlined, front-to-back process that improves control, strengthens governance and reporting, and helps ensure surplus cash can be deployed efficiently within defined risk parameters. The outcome is a step-change in operating discipline and automation, with measurable time savings and improved investment outcomes.

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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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