MOND for a Global Computer Manufacturer
Client, is a Chinese multinational technology company with headquarters in Beijing, China. and in United States.It designs, develops, manufactures and sells personal computers, tablet computers, smartphones, workstations, servers, electronic storage devices, IT management software and smart televisions.
Client has operations in more than 60 countries and sells its products in around 160 countries.
Client is listed on the Hong Kong Stock Exchange.
Drivers for change
- The problem the client faced was that even though they had a centralized treasury operations and accounts payable department, they had several hundred bank accounts globally and had more than 60 bank relationships and large positions of local-based cash with many non-core banks.
- Need for a standardized approach to connecting local entities to their banks using local standards, but through a single Global Payment gateway.
- Lack of visibility about cash positions globally, the need to consolidate bank accounts and payments to a Tier One bank globally.
- More than one year required by existing vendor to move all payments to a single bank worldwide.
The MOND Solution
- MOND Cloud was used to build a payment factory that could handle payments in any format in any standard.
- MOND Cloud supports Chinese characters, Japanese characters, Korean characters which are often used in remittance instructions.
- Single connection from Client's Oracle Financials ERP to MOND Cloud and from MOND Cloud to Bank's worldwide in a straight through process setup.
- MOND Cloud handles payments in USA, UK, Canada, China, India, Europe, Singapore, Japan, Korea, Taiwan and 40 other countries.
- MOND Cloud support different standards including Paylink Cheque, Paylink Giro, ACH, IACH, CBFT, Cheque, Demand Draft, RTGS, SEPA etc.
- The semantic MOND engine enabled Citizen Integrators (Business Analysts) to implement the entire transformation, resulting in higher quality and shorter time frames.
Benefits of the MOND Solution
- Transactions costs have come down (fewer banks get more volume and give better pricing).
- There is now a global approach to approve and release payment runs.
- Ability to make changes very quickly, Ability to onboard new countries rapidly.
- Avoiding or reducing local instruments such as cheques has cut bank fees.
- Ability to receive and process acknowledgements or rejections from banks.
- Built Payment Gateway for 40+ countries in 90 days, and went live in all 40 countries in 4 months, with no issues reported after go-live.