X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

On an average day, General Electric’s treasury workstation processes about 7,500 wire transfers. When things heat up at the end of a quarter, that number doubles. The importance of wire transfers to the $182.5 billion company had led treasury to mull what would happen if one of its primary banking partners experienced a money transfer system failure. Then, the unthinkable occurred. “It was a Monday morning in June 2008,” recalls GE deputy treasurer Dennis Sweeney.

The previous weekend, the money transfer bank had upgraded its software. Something was amiss, however. “When we got to the office we realized a predicament–a queue of wire transfers we had sent the bank via SWIFT were stuck in the funds transfer complex,” Sweeney says. “We halted sending wires to the bank, so as not to exacerbate the problem while the bank tried to bring its systems online. However, they could not confidently predict when or if they could bring their system back up, and the clock was ticking.”

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

 

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.