Increasing cash visibility and cash management

Company: Cochlear Ltd.
Industry: Medical Services
Headquarters: Sydney, Australia
Employees: 3,200 +
Solutions: [ARS Web]
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Cochlear has operations in more than 20 countries but had limited visibility into all the bank accounts being used. This meant that the treasury team couldn’t monitor and control appropriate cash levels and also left the organization open to FX translation risk from the revaluation of foreign currency accounts.

Fides’ ARS Web solution now provides visibility into all captured bank accounts via a web portal for convenient global access. Cochlear leverages Fides to obtain bank account balances through a single secure SFTP connection, which also feeds directly into their TMS. After six months, 96 bank accounts are sending daily statements to Fides, which represents 90% of all accounts and banks globally.