Green Treasury Goodness
UNIVEG, a Greenyard Foods company, is a worldwide supplier of fresh produce, active in the fields of fruit & vegetables, flowers & plants, convenience products, and transport & logistics. UNIVEG has operations worldwide and serves a global customer base. UNIVEG currently employs 5,550 staff across operations in 27 countries, on five continents.
Group´s Treasury Manager, Univeg
UNIVEG’s Group Treasury is a small professional team working within a decentralized organization. Responsibilities are covering cash and liquidity management, external and intercompany financing, working capital management and risk management including insurances. Although UNIVEG had fragmented electronic banking gateways at their disposal, keeping track of the treasury activity was essentially done with the help of spreadsheets. With an increased focus on cash visibility across UNIVEG’s operations, control on FX transactions and increased attention on the Group’s financing capacity, they realized that the underperforming systems did not provide the level of control required.
The Solution: Implementation step-by-step
The decision was made to have all the bank accounts reported through one bank portal, avoiding the set-up of different bank proprietary electronic banking systems and formats. A second step was the selection of a TMS: BELLIN’s tm5. Besides the attractive pricing, tm5 provided strong liquidity visibility, control and a high degree of automation in transaction processing. Furthermore, UNIVEG was attracted by the ability to host the system externally.
The implementation of the system started in September 2013 and was finalized March 2014. UNIVEG took a stepped approach and initially focused on cash management (LMCash, LMPlanning), followed by the dealing (TTContract and TTGL) and finally the netting module (ICRecon and ICNetting). The implementation was supported by BELLIN’s consultants with a high degree of involvement of UNIVEG’s cash manager. They were required to organize training across a multi-country finance organization and held in-house trainings (Europe) and remote training (rest of world). Given the positive experience with tm5, they recently purchased TTGuarantee and TTRiskwatch.
tm5 will now become even more valuable since UNIVEG recently merged with Greenyard Foods and PeatInvest, which makes the largest company active in the fruit and vegetables industry (fresh, frozen, canned and substrates).
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