Treasury Intelligence Solutions: Centralizing Corporate Payments System
Citing an instance, Wiemer brings to fore the case of a luxury goods company, Oettinger Davidoff AG, which faced the challenge in standardizing their payment processes while restructuring their ERP systems to migrate to SAP S/4HANA. Aside from centralizing their international payment transactions, the retail company sought to achieve a better overview of a large part of the liquidity in the company. Partnering with TIS, the client had seamless SAP integration and quick bank format hosting, which helped them successively onboard all the bank accounts to SAP without any hassle. Fast-forward to today, the client has about ten bank accounts of foreign subsidiaries in Switzerland that are connected to the TIS platform to perform all of the international payments of local subsidiaries.
Having researched the potential market for corporate payments solutions, Wiemer states that the total market for “ERP systems” is roughly about $80 billion (ERP) per year and for “payments” $1,000 billion per year, respectively. Tapping this huge market, TIS initially plans to expand its wings to Europe and the U.S. within the next month. The success of TIS reflects in its rich portfolio of clients from diverse industries including finance and insurance, retail and automobile, among others. Emphasizing the fact that TIS continues to help customers switch into a new way to collaborate and execute payments, Wiemer concludes saying, “The fintech industry will fuel the payments industry to become more efficient over time, and it will have customers save cost immensely.”
Original published on CIOReview