Collections are critical to business development, yet their centralisation remains a true challenge for corporate treasurers. Indeed, building a collection factory can be a headache if corporates are not given the expert support they need. But in the end, the benefits are tangible.
A subsidiary of global French insurer AXA, FamilyProtect set up a collection factory when it was first established nearly 4 years ago. The company’s business model is based on rapid growth and it must collect multiple payment instruments from several European countries.
As part of its strategy, FamilyProtect opted for a shared service centre (SSC) and a SWIFTNet-based collection hub while implementing cross-border SEPA Direct Debits (SDDs).