Streamlined Treasury at Royal Schiphol Group
Royal Schiphol Group is an airport business, with Amsterdam Airport Schiphol as its main airport. Royal Schiphol Group is also the owner and operator of Rotterdam The Hague Airport and Lelystad Airport and holds a majority share in Eindhoven Airport. The activities of Royal Schiphol Group stretch out globally, including direct and indirect business in the United States, Australia, Italy, Hong Kong and Aruba. It is Royal Schiphol Group’s ambition to develop Schiphol into Europe’s preferred airport. Over the years, Schiphol has grown to become one of the largest hub airports in Europe, with over 300 direct destinations and over 63 million travellers in 2016.
Treasurer, Royal Schiphol Group
Back in 2014, the management of Royal Schiphol Group expressed the need to select and implement a new TMS to further improve and streamline the operational daily treasury activities. The treasury activities at Royal Schiphol Group are simple and straightforward, but diverse, so the new TMS should be based on practicality and ease of use. For payments, a highly secure and automated workflow needed to be integrated in the TMS and connected to Royal Schiphol’s two main banks. The system is used group-wide. Royal Schiphol Group’s goal is to implement a TMS that supports the current operations and tackles future challenges. This should result in: secure and standardized payment processes; improved daily cash positioning and interest result; useful input for intercompany transfers; proven control that complies with the internal control framework; solid reporting and centralized cash flow forecasting.
During the scope and design phase with all project team members, Royal Schiphol Group’s Treasury department and BELLIN’s partner company Enigma defined and agreed upon the scope and plan for the implementation of tm5. For payments, the BELLIN SWIFT Service was selected for the connectivity to the main banks of Royal Schiphol Group. Reporting is done via MT940, and treasury payments are initiated via MT101. Next to this, an interface was established between tm5 and vwd for the purpose of importing relevant market data into the TMS. At the end of the implementation, the connection between tm5 and Oracle E-Business Suite to support the export of accounting entries to the general ledger was completed. Together with Enigma Consulting, relevant reporting was set up, resulting in a clear view on daily cash balances and the input needed to decide on intercompany transfers and treasury dealing. Royal Schiphol Group Treasury is future-proof and ready for the challenges of tomorrow.
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