Danone
Singapore based Danone adopts Bloomberg’s FXGO to digitize and automate its end-to-end FX workflow to support better collaboration across the global treasury function.
It is estimated that Danone’s treasury function will save 50 hours per year using FXGO.
Situation
In 2019, as the company experienced rapid growth across 17 markets in Asia, Danone undertook a review of its treasury technologies to identify key pain points that hindered progress and collaboration across markets. Danone established the goal of upgrading unconnected legacy systems to add value to the treasury department.
Needed to automate and centralize FX workflows
Wanted to move away from manual processes to more digitally-enabled trading
Problem
Danone identified that it required a solution that would enable the treasury function to 1) move away from manual booking to make comparisons and receive prices in real time, and 2) gain full visibility into real-time liquidity.
The company wanted to keep its existing treasury management system (TMS) and needed its new, automated FX workflow to integrate successfully with its TMS for end-to-end reporting and full audit compliance.
Manual phone- and email-based FX processes were not suited to support the digital transformation efforts in Asia
Liquidity management review done once per month with 17 local teams manually uploading deposits to the TMS
Solution
Bloomberg’s FXGO offers a broad range of tools to assist corporate treasuries with the management and execution of foreign exchange and deposit workflows. Danone now has a lean, flexible system for FX that can adapt to rapid changes in the market and contribute to business growth.
Bloomberg’s FXGO highlights
No manual interventions involved in the end-to-end FX process
Access to market makers in over 140 countries representing more than 800 liquidity providers and 2,500 distinct trading desks
Supports all instruments typically used for payments, hedging and treasury cash management
With the easy-to-use Bloomberg FXGO, Danone has achieved enhanced transparency by being able to assess why the company chooses to execute a trade with a particular bank instead of another.
Benefits
Better transparency, comparability and efficiency
Productivity gains and cost savings thanks to the time saved on execution
Decisions can be made in real-time, with reporting automated to the central treasury system