Angelalign Technology Inc. designs, manufactures and sells clear aligner treatment solutions. The company was founded in 2003 and is headquartered in Shanghai, China.
The challenge
Angelalign was expanding, and the treasury team wanted to open local bank accounts to meet their immediate banking needs. While this was straightforward when entering new markets, they soon found themselves managing multiple e-banking platforms, a myriad of file formats, facing different transaction processes and receiving inconsistent reporting formats.
These challenges, coupled with the company’s fast global expansion meant the team needed a strong bank to support them globally. The company needed a banking partner that could provide a geographical footprint that matched their presence.
“Most importantly, we required a smooth and swift transition to a new bank with no impact or disruption in our existing operations,” says Jessie Li, Group Treasurer.
The solution
Jessie Li, Group Treasurer
BNP Paribas’ network greatly complemented Angelalign’s footprint and was able to offer Angelalign a one-stop shop to consolidate its cash management business globally. The company deployed host-to-host (H2H) connectivity for efficient integration between Angelalign’s ERP (SAP) to the bank’s proprietary platform for accounts in Singapore, Hong Kong, United Kingdom, Germany, Italy, France and Spain.
Angelalign injects capital from time to time, which often involves cross-currency payments. For transparency purposes, the treasurer prefers to know the live FX rate applied. The bank’s automated FX solution allows the treasurer to see the live interactive FX rate when they process the payment ensuring transparency which is especially helpful for large payments.
To ensure the continuity and standardisation of file formats, the solution was implemented according to the latest ISO 20022 industry standard, where pain.001 file payments are used for payments and reporting follows CAMT053 protocols.
Best practice and innovation
Angelalign decided it should work with the bank’s Singapore team. Not only is the company preparing to set up a Regional Treasury Hub in Singapore, it is also the preferred location from a time-zone perspective.
The bank’s Singapore office gathers the requirements from the bank’s European counterparts and methodologically aides Angelalign to build the payment files required for the H2H solution. This coordinated approach allows BNP Paribas Singapore to be a one-stop shop for all matters related to this treasury project. For this reason, Angelalign does not have to face any delays in urgent technical issues due to any time-zone difference.
As Singapore is the main site coordinating the project, the bank can design the system architecture in a manner whereby Singapore is the single point of connectivity with Angelalign. The structure allows new accounts and countries to be added without repeating the entire implementation process.
This approach allowed the end-to-end solution to be completed in just three months.
Key benefits
Costs savings.
Headcount savings.
Number of banking partners/bank accounts reduced.
Process efficiencies.
Improved key performance indicator (KPI) metrics.
Return of investment (ROI).
Increased automation.
Risk mitigated.
Improved visibility.
Errors reduced.
Manual intervention reduced.
Increased system connectivity.
Future-proof solution.
Exceptional implementation (budget/time).
Quality accreditation achieved.
“This is only the beginning of a partnership between our bank and ourselves. By ensuring the system connectivity is setup, allows future solutions such as liquidity management to be integrated with ease,” concludes Li.
The Adam Smith Awards Asia are the industry benchmark for best practice and innovation in corporate treasury. The 2024 awards attracted 406 nominations. To find out more please visit treasurytoday.com/adam-smith-awards-asia
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