Vorwerk Group, a business focused on the worldwide direct sale of high-quality household and cosmetics products, has selected the IT2 Treasury Management Solution. The group will implement IT2 to provide a payment factory solution for the management of high value, local, SEPA, payroll and bulk payments and direct debits. The solution will be used by Head Office and Group Treasury in Wuppertal, as well as worldwide, by Vorwerk Group subsidiaries. IT2 will integrate with Fides to secure a brokered connection with a substantial number of bank accounts.
The system will provide a decentralised payment factory solution, with all payments uploaded and locally authorised by subsidiaries, channelled centrally from IT2 to the Fides SWIFT Service Bureau. Fides will also collect and upload all group bank statements to IT2 for group wide and central treasury use. Initially, the project will provide a payments solution to 30 entities in around 10 countries. Later project phases will extend the solution to subsidiaries across 20 to 30 countries.
“Vorwerk Group has secured a fully integrated, secure and flexible solution, using IT2 and Fides to deliver end-to-end payments and collections” explains Mr. Rainer Weidt, SVP for Corporate Treasury, Insurance & Risk Management. “The solution rationalises our technologies, enhances financial transparency and governance of payments, harmonizes and secures our group payments workflow. We’ve secured straight-through processing including integration with our SAP ERP solution.”
“Local, international and SEPA transactions with banks in more than 60 countries mean that Vorwerk has to engage with ‘the world beyond SWIFT’ with maximum automation and security, as reliably and rapidly as possible,” adds Weidt. “We have the confidence that our Payments Solution will deliver financial agility and operational efficiency to our operations worldwide.”
Adds Daniel Beames, Head of Customer Relations and Projects, Fides Treasury Services AG: “With Fides’ Hybrid Multi-banking service model Vorwerk is able to benefit from the global reach provided by the SWIFT for Corporates scheme whilst retaining flexibility to utilize local and bank proprietary networks as appropriate to maximize the process and cost efficiency of their payments business.”
Ulrich Rosenquist, Regional General Manager, IT2 Treasury Solutions concludes: “Vorwerk has secured a uniquely transparent solution. With the ability to implement analysis, intelligence and performance management, it is in a position to document and build upon better payments performance, globally.”
