Corporate Case Studies
Inside Comcast’s Treasury Transformation
In a groundbreaking transformation, Comcast's treasury team revolutionised the way the company manages its global liquidity. What began as a daunting task to overhaul a "Frankenstein" banking landscape, with over 100 banks and nearly 4,000 accounts worldwide, has evolved into a multi-year journey of streamlining systems, rebuilding trust, and unlocking cash.
In this case study, read how, through a nuanced, region-by-region approach, Comcast has successfully consolidated banking relationships, implemented automated pooling and sweep structures, and leveraged technology to enhance control and efficiency. The results are staggering: over 2,000 bank accounts closed and 87% of accounts consolidated with partner banks. The transformation has not only delivered significant cost savings but also positioned the treasury team as a strategic partner, earning a seat at the table.
Dive into the story of Comcast's treasury transformation and discover how this team has redefined the role of treasury in the company.
Dialling Up Cash Flow at Vodafone
Vodafone has transformed cash flow from a finance-only concern into a company-wide mission. This case study reveals how the telecommunications giant embedded working capital awareness across commercial teams, operations, and network engineering.
The initiative spans two core workstreams: working capital performance and cultural change through reporting and forecasting. From encouraging retail staff to promote direct debits to optimising capital tied up in network construction, Vodafone demonstrates how granular visibility and cross-functional collaboration unlock liquidity. The study explores challenges specific to telecoms, including customer acquisition costs and device financing, whilst examining governance structures that maintain momentum across multiple geographies.
Explore the full case study to learn how treasury became everybody's business at Vodafone.
Rewiring Treasury at Zoetis
Twelve years after its spin-off from Pfizer, Zoetis has built a lean, digitally enabled treasury function that operates as a strategic partner to the business. Assistant Treasurer Michel Verholen reflects on how the animal health company progressed from paper-based processes to real-time cash visibility and embedded compliance controls.
This case study traces Zoetis' journey through digital account opening, end-to-end payment tracking via Swift GPI, and system-based audit controls. The function's centralised structure and unified methodology enable consistent operations across more than 100 markets. Verholen discusses ongoing priorities including enhanced cash flow forecasting, deeper ERP integration, and practical applications of AI for simplifying treasury communication to non-specialist audiences.
Explore the full case study to understand how Zoetis positions treasury at the centre of business operations.
From Complexity to Clarity: DEME's Evolving Treasury Journey
DEME's treasury transformation illustrates the progression from decentralised operations to a mature, strategically engaged function. The Belgian dredging and marine engineering group has systematically addressed banking governance, sanctions screening, and cash flow forecasting whilst embedding ESG principles into its financing structure.
This case study examines how DEME tightened control over bank account openings, embedded compliance checks earlier in procurement cycles, and developed a six-month rolling cash forecast suited to its project-driven business model. The team has also converted long-term loans into sustainability-linked structures and explored AI applications for reducing administrative burden. The transformation positions treasury as a proactive partner to commercial operations rather than a reactive service function.
Read the complete story of DEME's journey from fragmented processes to strategic treasury partner.
Treasury Automation in Action at Evonik
Evonik's treasury function has embedded automation across its core operations, achieving 99% straight-through processing of payments and real-time liquidity visibility. The German speciality chemicals company's transformation centres on its early adoption of SAP S/4HANA, creating an integrated platform for cash management, risk, and compliance.
This case study details how Evonik automated FX exposure management, streamlined month-end closes, and built a self-service treasury cockpit for real-time dashboards. The function maintains stringent fraud prevention through segregation of duties, bank account validation, and early adoption of Verification of Payee technology. The study also examines Evonik's ongoing digitalisation priorities, including guarantee management automation and enhanced liquidity forecasting.
Access the full case study for insights on achieving operational excellence through integrated treasury technology.
Tackling Practical Questions in Verification of Payee's Rollout
Norsk Hydro's treasury team offers a cross-border perspective on Verification of Payee's implementation challenges. Global Head of Payments Erik Snersrud, speaking in a personal capacity, examines the disconnect between VoP's fraud prevention objectives and its current operational design for corporate treasurers.
This case study explores pressures facing both banks and corporates as the October 2025 deadline approaches. Snersrud identifies specific issues with name-only matching, bulk payment verification, and ERP integration whilst drawing lessons from Brazil's more robust taxpayer ID approach. The study emphasises the need for closer collaboration between regulators, banks, and technology providers to deliver solutions that balance compliance with operational efficiency.
Download the full case study to understand VoP's practical implications for your treasury operations.
Racing the Clock and Winning! How Accell Group Built an In-House Bank in Just Three Months
When Accell Group faced a product recall and €1bn in excess inventory, its critical cash pool became untenable. The cycling brands company had three months to design, build, and implement an alternative solution. This case study documents how treasury responded by creating a semi-automated in-house bank supporting POBO, intercompany settlements, automated sweeps, and ERP integration.
The transformation closed approximately 150 bank accounts, standardised payment processes across 39 legal entities, and restored treasury's control over global liquidity. The study examines the lean project management approach, partnership with external consultants, and governance structures that enabled delivery under extreme time pressure. Accell's achievement earned recognition through both the DACT and EACT Treasury Awards.
Read the complete case study for lessons on executing treasury transformation when failure is not an option.