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Finance and treasury team at ITV save 25 hours a week using AccessPay

“ITV use the cash management function of AccessPay all day, every day."

Karen Fagan, Head of Treasury Operations, ITV

As a global entity the finance and treasury team at ITV oversee thousands of payroll, supplier and talent transactions each month.

Operating with speed and accuracy they need a payments and cash management solution that can support growth.

By working with AccessPay ITV has been able to manage international transactions and visibility across several hundred subsidiaries, without scaling headcount.

Our platform enables the finance and treasury team to manage cash and payments across 300 entities in 20 counties, by connecting to more than 10 banks via the SWIFT network.

The benefits are three-fold, enabling ITV to control and automate payments, giving better cash visibility and improving reconciliation.

Led by Karen Fagan, Head of Treasury Operations, the team has fully embraced this financial transformation and use AccessPay’s cash management function ‘all day everyday.’

The catalyst for change

As ITV progressed from a traditional UK broadcaster to a more global, digital, operation their finance function also needed to evolve.

In 2015, Karen recognised that to support their transformation, they needed significantly more flexibility than their previous provider was offering.

With ITV’s previous contract coming to an end she capitalised on the opportunity and began to search for a new financial software solution.

The aim was to bring several finance functions into one system – such as international payroll, supplier payments, treasury payments and cash visibility.

“It just seemed like an ideal opportunity for us to see what else was out there and what better solutions we could find.”

Screen showing cash management functionality in AccessPay
The AccessPay Platform (example account)

 

Processing payments with AccessPay

Our SaaS platform seamlessly integrates multiple banks with back-office systems.

The AccessPay platform simultaneously processes payments in over 20 countries, using multiple payment types including BACS, Faster Payments, SWIFT, SEPA and ACH.

By connecting ITV’s ERP and payroll/HR systems directly to their corporate banks it has saved the finance and treasury team 4-5 hours a day.

Not only does our platform remove the need for manual data entry into online bank portals, saving time and money, but it also allows staff to take on more value-added tasks.

The built-in flexibility makes it easier to manage access rights and set up new users as the team grows.

As such a high-profile organisation, security and compliance are absolutely paramount to ITV.

AccessPay’s platform helped to meet these security and audit requirements, mitigating risk through audit functionality and data masking tools.

Speaking of the financial transformation Karen added: “It just seemed like a really straightforward change for us.”

A global cash management solution

The cash management function fitted ITV’s new way of working with sight of bank accounts across several countries.

Rather than relying on time-consuming processes, ITV now has visibility of all their available balances and the state of finance across the group, including international statements and transfers.

Karen said: “You log in and know exactly how much cash you have around the group. We are able to see, not just payments that have been made, but also receive confirmations back from the bank.

“As MT942s come in throughout the day our position is updated, so it’s a really fundamental part of managing the cash.”

Improving reconciliation

Another useful function for ITV is the automation of statement feeds for reconciliation, by connecting to the SWIFT network via AccessPay.

Karen explains: “AccessPay helps us achieve visibility across all our regions by linking in all our banks via MT940s, to all of the banks we will send daily statements. From that we can see all of the movements and then group bank accounts by banks or by currency.

“We can also tag by account type so it gives us a real snapshot of where the cash is and what it’s needed for. The platform helps us to understand where the cash is and where the bottlenecks are.”

For more information on how we can help your business with payments cash management please get in touch.

“It’s not just doing Bacs payments, it’s doing Faster Payments, international payments, SEPA payments. It just seemed like a really straightforward change for us.”

Karen Fagan, Head of Treasury Operations, ITV