"The system has supported the treasury vision, which has yielded million dollar savings through the increased visibility of cash, yield enhancement, cost savings and reduced bank charges."
Ian Johnson, Senior Director,
Global Cash Management
Merck & Co.
Ian Johnson, Senior Director,
Global Cash Management
Merck & Co.
Merck & Co wins award for harnessing the power of technology
Merck had become accustomed to establishing relationships with local banks, a strategy that led to the treasury department managing up to 100 different relationships and maintaining several hundred different interfaces. Such a set-up became increasingly inefficient as the company grew, prompting Merck to look at ways of streamlining its cash management bank relationships from 100 to three. In addition, Merck wanted one universal bank interface to replace the many hundreds in operation.
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