Leading global advisory, broking and solutions company
Innovative new Treasury Centre in the Netherlands brings significant visibility and transparency to Willis Towers Watson’s treasury function
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has over 40,000 employees serving more than 140 countries.
In 2016, the Willis and Towers Watson companies merged to create the powerhouse firm, Willis Towers Watson.
One of the earliest challenges of the merger was how treasury would deal with different legal entities in various jurisdictions that were being used for treasury transactions by the two heritage companies. With different technical platforms, including different enterprise resource planning (ERP) systems, the treasury team had a significant challenge. From the outset, it was clear that this was not an effective structure for the future of Willis Towers Watson. The company recognized that a single, new entity was required to absorb and consolidate treasury activities from around the combined company.
Further complication was the need to integrate Gras Savoy, the largest French speaking brokerage, which was being acquired at the same time.
The J.P. Morgan Solution
This game-changing Treasury Centre, located in the Netherlands, created an in-house bank that manages foreign exchange and serves as the cash pool leaders and master account holder for cash concentration for the entire organization.
J. P. Morgan was chosen as Willis Towers Watson’s cash management concentration bank and FX dealing partner. We framed our cash management solutions in the context of Willis Towers Watson’s organizational objectives particularly in relation to the Towers Watson merger, Gras Savoy acquisition and the need to implement an efficient global structure.
Willis Towers Watson has seen significant benefits from the new treasury structure, which include:
- Improved working capital through faster, centralized reconciliation and payments processing
- Centralization of corporate cash balances using cross-border sweeps allowing Willis Towers Watson to optimize the deployment of liquidity
- Ease of reconciliation with their fiduciary structure due to clear distinction between corporate and fiduciary cash structures
- A scalable solution which can be further expanded as Willis Towers Watson continues its growth story
J.P. Morgan is the marketing name for the Treasury Services business of JPMorgan Chase Bank, N.A. and its affiliates worldwide.
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