Greenchoice

Challenge

One of the main reasons why Greenchoice started looking for a better solution was the complexity and inefficiency they experienced while doing cash management manually using multiple banks. Operations had been laborsome due to the decentralized setup, and all payments needed to be authorized by senior staff members after manually uploading payment files to each bank. On top of that, liquidity planning was done by manually collecting the relevant data from each bank accounts and other systems.

Solution

Greenchoice's solution was to implement Nomentia Payments and Reconciliation which helped them simplify the payment process. In addition, Greenchoice wanted to improve the visibility into cash flows and margin calls. Cash flow data had thus far been scattered in different environments, and it took time to get an insight into the company’s cash position. This was solved by implementing Nomentia Liquidity and In-house Bank.

Cash management at Greenchoice before Nomentia

Before Nomentia, Greenchoice was working with four banks and did liquidity planning in Excel. To execute payments, all payment files had to be manually uploaded and executed through the web portals of the banks.

One of the main reasons why Greenchoice started looking for a better solution was the complexity and inefficiency they experienced while doing cash management manually using multiple banks. Operations had been laborsome due to the decentralized setup, and all payments needed to be authorized by senior staff members after manually uploading payment files to each bank. On top of that, liquidity planning was done by manually collecting the relevant data from each bank accounts and other systems.

Greenchoice's goal was to implement a solution that simplifies the payment process. In addition, Greenchoice wanted to improve the visibility into cash flows and margin calls. Cash flow data had thus far been scattered in different environments, and it took time to get an insight into the company’s cash position.

The Greenchoice business case to implement Nomentia

The business case that Greenchoice internally presented was straightforward: using Nomentia they could realize significant time-savings by automating payment and liquidity management processes and while also increasing the transparency over cash flows.

Why did Greenchoice choose Nomentia?

"Nomentia was the most obvious choice for Greenchoice when they learned that the solution is web-based, easy to customize and tailor to their needs, and the majority of bank connections were already established" 

Bas Meijer, Interim Treasury Manager (external)

Established bank connections

Nomentia had to set up one new bank connection to support Greenchoice, but since all the other bank connections already existed, it meant that no extra time was needed to develop new connections and thus the project implementation would be significantly faster.

Best-of-breed approach & affordable pricing

Another decisive factor for Greenchoice was pricing. Nomentia was the company’s preferred cash management vendor as the solution was more affordable than the solutions of competitors. The flexible pricing was also possible due to Nomentia’s best-of-breed approach; this way, Greenchoice could pick only those solutions they needed rather than needing to buy an entire treasury management system.

What solutions did Nomentia implement for Greenchoice

Greenchoice started to use Nomentia Payments, Nomentia Liquidity, Nomentia Reconciliation and Nomentia In-house Bank to strengthen their processes.

"The implementation of Nomentia's solutions was smooth" 

Bas Meijer, Interim Treasury Manager (external)

Bas also mentions that the solutions are intuitive and lessen the workload while increasing transparency. Greenchoice's employees were quickly onboard with the solution. Payment-process automation has worked well, and liquidity positions can now promptly be analyzed. Greenchoice employees no longer need to manually upload payment files to the web portals of different banks and do the authorization of payments in several systems. Instead, there is an automated communication between Nomentia and banks for payments to be executed centrally.

Using Nomentia, the liquidity process is now also highly automated. Greenchoice employees no longer need to manually collect cash flow data and analyze it in a spreadsheet full of formulas, but instead, everything happens through Nomentia Liquidity by automatically pulling all the necessary information that can be used to generate cash flow reports.

What are other noticeable benefits that Greenchoice has experienced?

Efficiency has probably been one of the biggest gains as all cash management related tasks can be done much more quickly using Nomentia solutions. For example, user management has become much easier because admins can now easily add or delete users, but it also means more responsibility: the people in charge of the centralized solutions must be trusted by the company because they have complete power over the system. As the solution comes with a full audit trail, naturally, Greenchoice has also been able to improve security and compliance.

People that use the solutions daily were successfully onboarded by involving them in the conversation with Nomentia early on. This way, they felt heard, and Nomentia could listen to each user's requirements to enhance their experiences and make their lives easier in their day-to-day job.

What are the next steps with Nomentia?

Greenchoice's next steps with Nomentia will be to have complete reporting possibilities on the treasury management side as well, such as with cash flow forecasting, for example. That way, there will be harmony between cash and treasury management activities.