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Treasury and Payments

Improve your working capital, reduce fraud and minimize the impact of unexpected disruptions with our treasury solutions—from digital portals to integrated payables and receivables—all designed to make your operations smoother and more efficient.

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Discover the latest numbers, news and market moves to know about each week with Ginger Chambless, Commercial Banking’s Head of Research.

Global Business

Managing PTC’s Global Expansion

As PTC grew to become a global leader in software, J.P. Morgan helped them streamline their complex treasury system—resulting in projected cost savings of over one million dollars for the company.

Founded in 1985, PTC started as a software company providing its clients with computer-aided design and product lifecycle management. It has since evolved into a global leader with 6,000 employees delivering the “Internet of Things” and augmented reality solutions.


Spread Thin

In the wake of PTC’s aggressive acquisition strategy, its treasury team faced challenges around managing and integrating new platforms into the company’s existing ecosystem. Overall, the team was handling upward of 15 different currencies, more than 25 banking relationships and over 20 banking platforms, while also managing receivables and exposures in numerous currencies and countries.

A New Business Model

Making an internal change to move from a perpetual licensing and maintenance model to a subscription model impacted PTC’s cash flow. It transitioned from large end-of-quarter licensing deals with big annual maintenance renewals—which had varying key dates in different locations—to a more consistent spread of cash and currency flow. This added complexity to forecasting as the model changed, while also complicating the timing of funds within regions.

Evolution of Internal Objectives

PTC set an objective to move away from a geographical model to a more streamlined approach within the global back office. This structure change reinforced the need for the treasury team to implement a unified approach to cash management, banking, systems security and anti-fraud. The team needed to be able to react in a timely manner to regulatory changes while ensuring it could support the company’s strategic goals.

Actions and Results

New Format Implementation

To address these issues, PTC’s treasury team sought J.P. Morgan’s technological capabilities and global reach to help implement the host-to-host transmission of payments in all regions using a single, common ISO XML file. By using a global ISO XML standard, PTC can add new capabilities and regions as the company grows. This also positioned the company to bring all entities onto a single Oracle platform, replacing inefficient local systems for payables and receivables processing.

As a result, the treasury team now manages and maintains a single system. Fraud monitoring has been substantially improved and the time spent making payments and processing receivables has been significantly reduced, allowing PTC to deploy staff resources strategically to other business areas. By standardizing procedures on a global basis, the treasury team has dramatically streamlined processes, driving increased efficiency.

Overcoming Regulatory Hurdles

The team moved cash out of PTC’s China entity and into Europe, which was especially challenging given the rapidly changing regulatory environment. The J.P. Morgan global and local Shanghai teams enabled PTC’s treasury team to open the required accounts and file the necessary documents within an extremely short timeframe, during which time there was a last-minute regulation change, requiring additional adjustments to the plan. Despite this major hurdle, the J.P. Morgan team’s keen understanding of local regulatory structures helped PTC to accomplish the vital goal of freeing up a sizeable amount of cash and meeting working capital management objectives.

Race Against a Deadline

PTC’s initiative included an aggressive implementation timeline, which required the treasury team to put the new structure into place within seven months while still being able to adapt rapidly to regulatory changes as the company onboarded major acquisitions. The team accomplished all of its ambitious goals, aligning changes with the company’s business model and internal structure.

The End Result

  • $1 million+ in cost savings over the next five years
  • 50 percent reduction in number of bank accounts
  • 88 EMEA bank accounts reduced to 43
  • 46 APAC bank accounts reduced to 22
  • 24 banking partners reduced to 6 globally
  • 8 Americas bank accounts reduced to 6
Client Stories

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