Adam Smith Awards Winner – Best Cash Management Solution
In the fast moving and ever evolving consumer goods (FMCG) sector corporates need to be ready for both now and the future. Hear how Hindustan Unilever (HUL) embarked on an ambitious journey to transform its transaction banking capabilities, which involved rewiring a range of internal processes and deploying best in class solutions, with a strong emphasis on technology and simplification. The aim to make transaction banking capabilities future ready.
The project, which was delivered alongside business as usual operations, saw HUL become early-adopters of SWIFT’s ISO-based XML payment with SAP integration. To leverage this further the company initiated SWIFT based invoice discounting and a first-of-its-kind payment of statutory taxes and levies over SWIFT. Furthermore, HUL has exploited its early-adopter mind-set to develop a strong e-collections set-up, using the new ACH Debit module of the National Payments Corporation (NPCI).
The benefits include HUL being able to reduce its bank accounts across eight legal entities by more than 75% in a short space of time. Moreover, 99% of payments and collections are now electronic and there has been a significant improvement in banking process efficiency and controls across the board.
In this webinar hear how General Manager & Head of Treasury, Investor Relations and M&A at HUL, Dinesh Thapar and his team were able to complete this project.
This webinar was held on Thursday 21st April 2016.