More businesses are choosing cloud for their treasury and risk management software. As on-premises solutions become a thing of the past, it is important to understand why cloud and SaaS solutions are the future.
UPS is a household name worldwide, delivering 5.5 billion packages to and from 11.5 million customers each year. They became an ION Treasury customer in 2007 and have gained significant organizational efficiencies since adopting Reval, a SaaS treasury management system (TMS).
Recently, EuroFinance and ION Treasury hosted a webinar featuring UPS and their journey in deciding to implement a cloud TMS for their treasury business. Here are the biggest takeaways from this discussion with Eli Brown, Vice President of Global Cash Management at UPS, and Jacqui Drew, Head of Sales and Account Management at ION Treasury.
- Regulatory pressure is driving the adoption of flexible SaaS solutions.
With changes in regulations, companies must be ready to adapt and comply. For UPS, Basel III regulations compelled them to find a solution that could manage their treasury centers across the globe.
“We wanted to control our own destiny when it came to international liquidity,” said Brown. ION Treasury’s Reval solution allowed UPS to reduce their banks’ exposures and remain compliant with Basel III.
- Treasuries can enhance internal efficiency with a TMS.
“We did not have one comprehensive treasury management solution for UPS. We had a hodgepodge of internal systems that we used internationally. We used an ION product called IT2 domestically. That created inefficiencies for us across our multiple regional treasury centers. Our processes were not the same in Atlanta, London, or Singapore.”
By adopting a TMS, all departments are operating off the same processes. In normalizing key financial processes, treasury can improve overall organizational efficiency. The win for the treasury team is a win for the whole organization.
- SaaS makes upgrades painless and scales up your business.
ION has continued to invest in its products to enhance functionality for its customers.
“The system performance has been solid and gotten better and better over the years as ION has invested in the Reval platform. There have been significant upgrades that had massive performance improvements for us,” remarked Brown. “Our team was raving on the improvements that they’ve seen. One of the pros of the SaaS model is that we’re reaping the rewards of [ION’s] investment without having to do anything.”
- SaaS enables individual solutions.
Some businesses have complex processes in place that a TMS will need to accommodate. With cloud solutions, you get both flexibility and configurability.
“Reval was best of both worlds; we could configure things to meet some of the complexities of our in-house bank and derivative requirements while still having something that was fully hosted within the cloud,” said Brown.
Over 1,100 companies trust software in the ION Cloud to meet their business needs. The ION Cloud provides an environment optimized for continuous innovation, scalability, and flexibility across the ION product family.
EuroFinance webinar with UPS
Take a look at the webinar recording “Implementing a cloud TMS when so much choice on tech is available” for the full UPS story.