KUALA LUMPUR, Feb 19 (Bernama) -- Kyriba Corp, a global provider of cloud treasury and financial management solutions, announced that its client, A. Schulman has won Treasury Management International´s (TMI) Corporate Innovation Award for Treasury Technology.
A. Schulman, an international plastics supplier, was recognised for its achievement in building a modern treasury and finance operation, working with key global banks and generating significant savings and tax efficiencies for the company.
According to Kyriba, the company (A. Schulman) saved US$2.5 million in operational efficiency, time and resource savings, and achieved US$91 million of global cash consolidation to the in-house bank.
Also, 27 bank systems were eliminated globally, 84 bank accounts closed through rationalisation, while visibility and control over cash and risk has improved.
"Kyriba´s technology enables our team to automate, standardise and build strategic processes to keep pace with the fast moving demands from our organisation, " said A. Schulman global in-house bank manager, Nicolas Tusseau.
Meanwhile, chief executive officer and publisher of TMI, Robin Page said that A. Schulman in partnership with Kyriba underwent a major global treasury transformation, with impressive results from in-house banking, cash pooling and multilateral netting processes.
"The intelligent automation, and new strategy for liquidity management delivered remarkable efficiencies and financial savings for the organisation, " he added.