Industry
Retail
Revenue
$101 Billion
Employees
360,000
Headquarters
Cologne, Germany
Electronic messaging via XML with our banks enables us to have a digital, automated and paperless bank account management.
REWE Group is one of the leading retail and tourism groups in Europe, with over 360,000 employees in 23 countries.
REWE’s bank management challenges
We can’t put this better than REWE Group’s Head of Treasury Process and Application Management, Benjamin Altmeyer, so we’ll let him do the talking:
“Our existing tools for bank account management, which basically consisted of maintaining a spreadsheet, had reached their limits. The processes simply took too long. If you have to manually gather paper-based documents for opening an account and send them back and forth between the treasury, the subscriber, and the bank by email or post, it’s very time consuming and hardly controllable. And there’s no transparent overview of all accounts and mandates and their respective process status. This is a security and compliance issue.”
Key facts:
REWE’s transformation approach
REWE knew it would be crucial for any solution to incorporate electronic message exchange with banks as standard to help automate and standardize the process of communicating with its banks. It would also need to be bank agnostic (to allow for rollout to new partners in the future) and work seamlessly within their existing SAP system.
They chose our FS² eBAM solution because its pre-set mappings for ACMT XML formats makes creating and sending messages on networks like EBICS or SWIFT simple and painless, and because it’s SAP-embedded, meaning all account and mandate information is stored centrally, is always up to date, and can be updated quickly without the need to track down information for weeks at a time.
The result – 90% faster processes
Standardized, automated processes for transfer protocols and messaging formats between financial institutions mean that communications and instructions to multiple banks can be implemented with a few keystrokes. This makes opening, managing, and closing bank accounts and managing mandates significantly simpler – almost doubling the speed of key treasury processes.
REWE has also been able to achieve 100% transparency and audit compliance, as all data related to bank accounts held, mandates issued and changed, and other relevant processes are now stored centrally within its SAP ERP, meaning they’re accessible at any time in a secure repository with a verified activity trail.
REWE Group is one of the leading retail and tourism groups in Europe, with over 360,000 employees in 23 countries.
REWE’s bank management challenges
We can’t put this better than REWE Group’s Head of Treasury Process and Application Management, Benjamin Altmeyer, so we’ll let him do the talking:
“Our existing tools for bank account management, which basically consisted of maintaining a spreadsheet, had reached their limits. The processes simply took too long. If you have to manually gather paper-based documents for opening an account and send them back and forth between the treasury, the subscriber, and the bank by email or post, it’s very time consuming and hardly controllable. And there’s no transparent overview of all accounts and mandates and their respective process status. This is a security and compliance issue.”
Key facts:
REWE’s transformation approach
REWE knew it would be crucial for any solution to incorporate electronic message exchange with banks as standard to help automate and standardize the process of communicating with its banks. It would also need to be bank agnostic (to allow for rollout to new partners in the future) and work seamlessly within their existing SAP system.
They chose our FS² eBAM solution because its pre-set mappings for ACMT XML formats makes creating and sending messages on networks like EBICS or SWIFT simple and painless, and because it’s SAP-embedded, meaning all account and mandate information is stored centrally, is always up to date, and can be updated quickly without the need to track down information for weeks at a time.
The result – 90% faster processes
Standardized, automated processes for transfer protocols and messaging formats between financial institutions mean that communications and instructions to multiple banks can be implemented with a few keystrokes. This makes opening, managing, and closing bank accounts and managing mandates significantly simpler – almost doubling the speed of key treasury processes.
REWE has also been able to achieve 100% transparency and audit compliance, as all data related to bank accounts held, mandates issued and changed, and other relevant processes are now stored centrally within its SAP ERP, meaning they’re accessible at any time in a secure repository with a verified activity trail.
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