Johnson Matthey, a speciality chemicals company, is now live with SMA’s Service Bureau for outsourced SWIFT connectivity, as well as SMA Alembic for improved payment processing.
Johnson Matthey was seeking an effective method of managing its multiple banking relationships while reducing the complexity of operating different ebanking platforms. To achieve these aims, the FTSE 100 company has joined SWIFT as a corporate member via the Standardised Corporate Environment (SCORE). A combination of the SMA Service Bureau and SMA Alembic will improve automation of treasury processes, enhance visibility of cash and reduce operational costs.
Julian Tasker, deputy treasurer, Johnson Matthey, said: “We chose SMA’s SWIFT Service Bureau after a detailed market evaluation. It offers a secure and cost-effective alternative for outsourced SWIFT connectivity. The SMA Alembic solution enables us to meet our bespoke payments requirements and allow scalability beyond group treasury. The project will deliver greater automation within our payment processing and free up treasury resources to spend time on more value added activity. The added visibility that we gain will enable us to improve cash management and reduce operational risk.”
Johnson Matthey will send payment messages and receive statements through its treasury management system via the SMA Service Bureau over SWIFTNet FIN and use RSA’s one-time authentication tokens for a secure connection to the bureau. SMA Alembic’s workflow capabilities will support Johnson Matthey’s complex payments initiation and authorisation requirements, which include multi-level sign off under a three stage approval process. Initially the solution will be deployed in the treasury department but over time there are plans to roll it out to autonomous business units.
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