Two years ago, had Google typed the words "Google's end-to-end treasury automation" into its search engine, it would have come a cropper. Back then, Google's treasury was automated the way most others are, using a hodgepodge of off-the-shelf software solutions with scant, if any, integration. Making matters worse was the high volume of manual processes involved in the FX management and cash management systems, which hiked the risk of error.
Today, it's a different story, following the technology company's implementation of an end-to-end treasury system in FX and cash management that leverages best-of-breed vendors. "The last thing we wanted was some massive one-size-fits-all solution where we'd have to shoehorn stuff," says Brent Callinicos, Google's treasurer and vice president. "Sure it would be nice if you could find one vendor that would give you everything you want, but it is a bifurcated market out there so we got the best of breed for everything."