Foreign Currency Payments

641 Words Mar 31st, 2008 3 Pages
A Case Study: How CIGNA Streamlined its Foreign Currency Payments
Global Finance
CIGNA, an international employee benefits provider, makes cross-border payments by wire, check and ACH to more than 225,000 beneficiaries in over 70 countries. The company wished to simplify and automate its foreign currency payments. Key objectives were to accelerate payment processing time, trim cost and to ensure a superior service to their clients.
The Problem: Payment Timing is Critical to Service Quality
Typically, producing checks and Explanation of Benefits (EOB) statements (i.e., remittance advices), adds a week or more to processing time in addition to the time for crossborder delivery. But payment timing is of the essence. The payment process
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Why Deloitte?
The tax work was put to tender and we presented a five year view of how the client’s Corporation Tax compliance and accounting processes could be transitioned over to an outsourced arrangement with us in a safe and assured manner. We also gave a clear articulation of the opportunities that existed over the same time period for the client to transform their practice of tax, setting out a strategic and innovative plan to deliver both process efficiencies and better, quicker access to information. Our vision for the client encompassed quality, automation, tax knowledge sharing and organisational change, and detailed how our two organisations could collaborate to secure an eminent future for the client’s tax function.
Approach
The client picked us as their partner of choice and we are currently undertaking one of the largest projects of its kind in the world, transitioning Corporation Tax compliance and accounting processes from a combination of in-house management and service providers to Deloitte. We will deliver filing of tax returns, management of tax audits, forecast of cash tax outflows, FIN48 compliance, and interim and year-end accounting and disclosures. Deloitte teams in the client’s major locations across the world are also conducting a structured review of tax risks and opportunities to ensure best practices are applied globally.
Solution
What benefits will the…