B2B Payments

How Fluor Created A Smooth Cash Management Experience

The global engineering and construction company Fluor Corporation recently wrote a blog post about the success its found in Europe in terms of optimizing cash management. According to Fluor Finance Director Martin Blom, through his organization’s financial partnership with the ING Group, they have transformed the banking experience.

“In addition to our daily banking and guarantee requirements, our close cooperation with ING also includes its subsidiary bank, Bank Mendes Gans (BMG),” Blom wrote in the blog post. “By working with BMG, we were able to implement a global notional cash pool to improve liquidity and risk management monitoring.”

Blom added that before implementing the BMG notional cash pool, that cash was effectively “trapped” in each country, which offered no value to the wider enterprise. Fluor implemented cash concentration in some cases too, so the combination of physical and notional pooling enables the company to manage both its liquidity and risk management requirements effectively, he said.

Looking forward, the finance director explained that Fluor plans to expand the range of functions currently supported through its Global execution centers in India, Poland and the Philippines. The company is also working on a project to rationalize its bank accounts.

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