Leading Hong Kong Logistics Provider Wins Corporate Treasurer Award 2016
Hong Kong – 14 June 2017 – Kerry Logistics, a leading logistics provider based in Hong Kong, was awarded Best Liquidity Management Strategy for 2016, using Reval, the leading global software-as-a-service solution for treasury and risk management. The award from Corporate Treasurer magazine, commends Kerry’s application of technology to support its intercompany netting activities.
Using Reval, Kerry Logistics increased the transparency and processing time of its intercompany netting operations. According to Kerry Logistics Group Treasurer Eddie Mak, Kerry’s previous spreadsheet and paper-based invoicing process for tracking and reconciling intercompany transactions took much manpower for little gain. “We found ourselves spending too much time resolving payment disputes that on a net basis could only be a few hundred US dollars,” Mak explained to Corporate Treasurer. Now, with treasury operations and multi-lateral netting processes automated with Reval, Mak said the staff that previously had been tasked with manually reconciling transactions “have been freed up to handle more strategic tasks, such as undertaking analysis in order to enhance risk assessments.”
Kerry’s netting centre captures transaction information, centralises foreign exchange exposures and provides clarity over transaction costs for transactions between the company’s subsidiaries. Kerry has more than 100 subsidiaries operating in over 40 countries, and 1,800 open bank accounts with approximately 60 bank partners. The company’s five-person treasury team led by Mak covers global treasury activities, including external finance, intercompany finance, hedging, and cash management.
“Securing this award is an outstanding example of a treasury department generating a great ROI and becoming more strategic. We couldn’t be happier to see Kerry Logistics win the title of Best Liquidity Management Strategy,” says Tony Singleton, Reval Managing Director, APAC.
For more information also read the case study “Netting Disputes: Why Kerry Logistics Uses Reval to Net Payments.”
For more information, visit www.reval.com or email firstname.lastname@example.org.
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