Valmet implements SaaS solution in its Financial Shared Service Centers
Valmet is the leading global supplier of technology, automation and services for the pulp, paper and power industry. When the company demerged from Metso Corporation in 2013, it chose OpusCapita’s SaaS-based solution for its two Financial Shared Service Centers, located in North America and Europe respectively.
The OpusCapita solution was implemented in 2015, first in the Financial Shared Service Center in Montreal, Canada, which serves the company’s units in North America, and then in the European Financial Shared Service Center located in Finland. The Financial Service Centers are responsible for making payments and processing customer payments, as well as currency hedging and cash flow forecasting. With OpusCapita’s built-in and certified SWIFT connectivity, Valmet can easily reach all the financial institutions it needs to.
"Our aim was to create harmonized payment, reconciliation and posting processes for the new company,” says Annika Westerholm, Director, Treasury Market Operations, Valmet. “In addition, we wanted to reduce the number of systems and parallel payment channels we were using.”
“This flexible solution that integrates with any ERP met our needs perfectly,” continues Westerholm. “It’s in line with our strategy to favor SaaS solutions, and both our IT department and our Financial Shared Service Centers have been pleased with OpusCapita’s cloud-based solution. We are also impressed with the high level of information security.”
“The implementation was easy too,” she says. “It didn’t require any installations on our part and information about version updates and other aspects runs smoothly and effectively.”
During the project, Valmet centralized cash management to its main banks. In Europe, for example, the number of cash management banks decreased by 90%. According to Westerholm, the harmonized payment processes make liquidity management easier for the entire company.
“In terms of a centralized treasury, it is important to be able to trust the cash flow forecasts provided by the Financial Shared Service Centers,” she says. “When the basic payment processes run rapidly and reliably, the quality and predictability of data improve.”