- Enhanced credit management, allows them to focus on bad debt
- Smoother collaboration between accounts receivable (AR) and business
Norsk Hydro is an aluminium and renewable energy company with a track record of being at the forefront of innovation1. With operations across all continents, the company wanted to add real-time visibility into its global liquidity, while prioritizing financial performance and company growth. Norsk Hydro also wanted to gain access to real-time reconciliation information from their J.P. Morgan bank accounts, regardless of time zone or geographical location. With a traditional treasury setup, however, the Norwegian company received conventional account statements from the house bank only once per day—which only covered the previous day’s transactions. Through collaborating with J.P. Morgan and fintech, Findroids, the company successfully co-created an award-winning custom solution.
Norsk Hydro needed an innovative solution to create real-time reporting natively embedded within their existing SAP enterprise resource planning (ERP) system. The company’s objective was two-fold:
As a result, Norsk Hydro aimed to increase visibility, make decision-making faster and improve the company’s control of risk.
Norsk Hydro joined forces with J.P. Morgan and Findroids to develop a bespoke real-time reconciliation package that seamlessly integrated into SAP and connected to J.P. Morgan via APIs.
The solution includes:
The solution provides real-time visibility into their global bank account balances and transactions while also reconciling against their ledger—empowering them with better, faster decision-making.
This project proves that the digital transformation of treasury doesn't need to involve lengthy, expensive and difficult implementations. In just two weeks, we have significantly improved the speed of our reconciliation process and achieved real-time cash visibility across our global accounts.
As a result of applying innovative strategies to enhance the real-time reconciliation capabilities and resolve past challenges, the solution helps Norsk Hydro to:
Through collaborating with J.P. Morgan and Findroids, Norsk Hydro seamlessly implemented advanced real-time reconciliation capabilities - placing them at the forefront of digital innovation. By adopting a fast and inexpensive digital reporting package, the company enhanced the quality and speed of their real-time cash visibility process while minimizing risk.
Contact your J.P. Morgan representative to learn more about how we can support your business.
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