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Liquidity Management

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


About

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.
 

The Challenge

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.

The Impact

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.

©2018 JPMorgan Chase & Co. All rights reserved. JPMorgan Chase Bank, N.A. Member FDIC.

The products and services described in this document are offered by JPMorgan Chase Bank, N.A. or its affiliates subject to applicable laws and regulations and service terms. Not all products and services are available in all locations. Eligibility for particular products and services will be determined by JPMorgan Chase Bank, N.A. or its affiliates. You should examine the specific restrictions and limitations of local law that may be applicable to your company when using the products and service described in this material.

J.P. Morgan AG is authorised and supervised by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin).

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J.P. Morgan Bank Luxembourg S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF) and is jointly supervised by the European Central Bank (ECB) and the CSSF. J.P. Morgan Bank Luxembourg S.A. is authorized as a credit institution in accordance with the Law of 5th April 1993.

JPMorgan Chase Bank N.A. at its London Branch is authorised by the Office of the Comptroller of the Currency in the jurisdiction of the U.S.A. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request (Firm Reference Number: 124491).