VINCI Park, a subsidiary of the construction and associated services group VINCI, is the result of the merger between Sogeparc and Park GTM. This new structure, which manages the activity of 900 car parks in 12 countries, reached a new milestone on its growth path last summer. It took only five months for XRT to implement its solution for VINCI Park. The XRT solution is now the backbone for the management of VINCI Park's 730 bank accounts. VINCI Park is using the solution to optimize EUR 336 M of revenue derived from the operation of 550 car parks, representing 340 000 parking spaces in France.
Faced with a staggering number of banks accounts, data flow and bank connections resulting from the merger, VINCI Park decided to deploy an infrastructure enabling the optimization of its Financial Value Chain. The first phase took place in France and encompassed cash management and banking connectivity.
According to VÃ©ronique Lichtenberger, Treasury and Finance Manager at VINCI Park, VINCI Park required a system that would reliably manage hundreds of bank accounts on a daily basis, as well as integrate two different treasuries through the use of common practices and system ergonomics.
"This solution is our information pipe, it puts at our disposal 730 bank statements daily, while automatically matching previous day activity" said Lichtenberger.
XRT took on the challenge and partnered with VINCI Park, to insure the delivery of a secure, performing solution designed to evolve with VINCI Park's growing needs.
"The solution selected by VINCI Park needed to meet high security and productivity requirements while insuring the continuity of the information flow and the interoperability with the existing information systems," said Christian Tessier Executive Vice President, Strategic Marketing for XRT. "XRT Universe, the new collaborative Treasury management solution from XRT, delivers on those specific needs."
"In addition to a common workspace, parameters and ergonomics, XRT Universe offers real-time visibility over all bank account activities thanks to its web based environment" said Lichtenberger. When considering the volume of information processed, the ability to retrieve information fast, via multiple criteria query, is of great value to VINCI Parkâs operation.
Managing VINCI Park's banking connectivity, cash and financial flows with its associated volume of data in a reliable way was the top priority. The cash, communication and payment modules of the XRT Universe platform did just that. "For bank connectivity, we haven't yet adopted the highly-secured ETEBAC 5 protocol option, which includes an electronic signature, but are pleased that XRT-Universe leaves that door open to us" said Lichtenberger.
Throughout the reorganization process new users migrating to the XRT solution rapidly mastered the tool owing to its intuitive features and ergonomics. Within five months implementation was completed, including the setup of all accounts, customization of technical specifications and an IT platform update. "The ease of use of the XRT-Universe solution, contributed to rapid user adoption of the system," said Lichtenberger. "We were immediately impressed by how easy it was to move from one module or task to another."
In addition to the productivity gain and cost saving, Lichtenberger is pleased with the reduction in banking fees. "Thanks to this common platform handling numerous information and enabling cross-references, we have been able to consolidate bank statement download contracts by bank, reducing the associated subscription fees," said Lichtenberger. A 'little bonus' - which heralds far greater bonuses- âlike the reduction of debit interest charges through the systematic tracking of discrepancies and balancing of accounts in each bankâ adds Lichtenberger.
Building on this successful first step, the treasury department of VINCI Park intends to continue this deployment with the addition of medium and long-term debt management capabilities. Consolidating this information with the cash management information should result in further savings. "VINCI Park should benefit from the processing power and information fluidity of the XRT platform and its ADI module - Advanced Debt and Investment management." concludes Lichtenberger.
This press release contains forward-looking statements that involve a number of risks and uncertainties. These statements are based on current expectations whereas actual results may differ.