Case Study: Petrofac transforms treasury operations with ION Treasury Reval

Petrofac From PDFs and Excel, to treasury disruptor

Petrofac, a global energy service provider, faced significant treasury management challenges due to heavily manual processes involving PDFs and Excel. With over 600 bank accounts and FX trading executed in silos, they sought a technological solution to build a robust treasury function and turned to vendor ION Treasury, selecting their Reval SaaS platform to improve security, visibility, and eliminate redundancies.

By implementing ION Treasury's Reval solution, Petrofac automated trade imports, cash management, and reporting, and rationalized their banking structure from over 70 partners to around 30 for considerable savings. The solution provided senior management with new visibility into liquidity and allowed the treasury team to take ownership of guarantee management. ION Treasury's technology also enabled future projects to streamline bank account management and use robotic process automation for trade confirmations, setting new industry benchmarks.

Petrofac

Matt Norris

Assistant Group Treasurer