CASE: Successful payment factory project at Sapa
When the joint venture, formed from the extrusion businesses of Orkla ASA and Norsk Hydro ASA, was completed in 2013, and a new global business named Sapa was born, one of the treasury department’s first tasks was to create a new cash management process for the company.
The task would not be easy, as there were more differences than similarities in the financial landscape between the two companies’ legacy concepts. Another challenge was the extremely tight schedule: the new solution had to be live within one year.
Sapa ended up selecting OpusCapita’s cloud-based payment factory solution, with SWIFT Alliance Lite2 bank connections integrated. Sapa was an early adopter of this integrated liquidity and bank communication solution.
- OpusCapita achieved a high score for functional solutions in Sapa’s scoring process, and provided a good impression of its competence level. The Software as a Service concept gave the solution a competitive price, and it suits the company strategy. We also appreciated the good dialog that we had with OpusCapita from the very beginning, says Lars Grimsgård, Vice President & Corporate Treasurer at Sapa.
The implementation started in December 2013, and the last company had been integrated into the new payment factory solution by September 1, 2014.
All in all, the project was a great success, and the new solution offers many possibilities to develop the financial processes further. According to Grimsgård, the next phase is to implement the in-house banking functionality in the OpusCapita solution.
Photo: Sapa Group