Unpacking Treasury Efficiencies

How time savings and ease-of-use took ION Geophysical’s treasury to the next level

Update: September 17, 2020

On this episode of the Stories from the Front series, Host Craig Jeffery joins Lena Pennington, Director of Sales Engineering at BELLIN, and Lee-Ann Perkins, Assistant Treasurer at ION Geophysical, to discuss how they successfully managed through the onset of the COVID-19 disruption.

Company profile

ION Geophysical is a technology company that creates value through data capture, analysis and optimization to enhance companies’ critical decision-making in energy and offshore operations.

ION Geophysical Treasury is a 4-person team headquartered in the US. The global company structure consists of more than 25 entities with bank accounts in more than 15 countries worldwide.  Accounts Payable is decentralized in several global locations.

Treasury profile:

  • 4-person team
  • More than 25 entities globally
  • Bank accounts with over 15 banks worldwide
  • Accounts payable decentralized

Starting point and challenges

Prior to implementing BELLIN, the ION Geophysical Treasury team had an outdated TMS that was no longer being utilized. Twice weekly, the Treasury team logged into 15 different bank websites to calculate prior day cash position and consolidate transaction data. Preparing the cash report and ensuring accuracy was a very manual and tedious process, which could take 4-5 hours each time.

ION’s challenges at a glance:

  • Outdated TMS not utilized
  • No visibility and tedious process of collecting data for cash reports
  • 4-5 hours spent collecting, downloading and assembling data from around 15 bank websites
  • Multiple tokens


At the beginning of the TMS selection process, ION Geophysical defined 8 key criteria they wanted their new system to meet.

  • Intuitive cash reporting solution
  • Cloud/subscription based TMS
  • TMS perfect for mid-sized needs
  • No up-front implementation costs
  • Option to add modules on later
  • Good customer support
  • Limited internal IT effort
  • Control documents to provide to auditors

Solution and benefits

Along with the ION Geophysical Treasury department, BELLIN determined tm5 with SWIFT MT940 reporting would be the ideal way to capture the global bank balances and transactions. This included having a company BIC by joining SWIFT as a SCORE member in addition to providing group-wide visibility.

BELLIN helped ION Geophysical achieve:

  • Ease-of-use
  • Enormous time savings of 1/2 FTE per week thanks to an automated bank extraction process
  • Replace multiple bank websites and tokens with one centralized system
  • Ideal way to capture bank balances and transactions using the BELLIN SWIFT Service and SWIFT MT940 reporting
  • Group-wide visibility
  • Accurate and timely bank data and automatic transaction mapping
  • Complex reports
  • Better manage cash and shift to more value-adding ventures

Project management with BELLIN

The BELLIN implementation manager and team provided a clear and structured project plan that defined roles from the start. With flexibility and the diligence to understand the adapting needs of ION, any hurdles could be cleared.

ION benefited from:

  • Easy and fast process
  • Implementation on time, on budget, on schedule
  • Weekly scheduled call
  • Weekly deliverables and milestones
Key Facts
Oil and gas technology
Founded, Headquarters
Founded in 1968, Headquartered in Houston, TX
~500 employees
5 business verticals
With BELLIN since
August 2019
Visit ION Geophysical

Let’s get in touch!

Interested in learning more about our solutions? That’s great.
Because we’d like to learn more about you. So give us a shout.

    By submitting this form, you consent to us using your data to process your request. You can find more detailed information in our privacy policy.