“Leveraging Technology to Drive Transformational Change”

After the separation of AIG’s Life & Retirement business through the initial public offering of Corebridge Financial, Inc in 2022, we saw an opportunity to replace end-of-life treasury technology. The legacy environment consisted of in-house and highly customized data sources, siloed applications, and complex upstream and downstream system integrations. The infrastructure was complex, and we did not have a central place to process or leverage data. It was an 18-month process, with the build phase starting in January 2023. Our goal was to transform our program and streamline our end-to-end operating processes, while also taking into consideration new, faster ways of working by leveraging technology. Having a great team of colleagues with technical expertise and experience was instrumental to our success. Early in the project, we assembled a Steering Committee to ensure we had regular engagement at all levels of management, including our Treasurer, CIO, Operational leaders, Senior Executives. With the rollout of this project, we were able to retire ten in-house applications. This revamped our treasury process, moving toward a best-in-class solution that offered a more standardized and streamlined approach. We were able to achieve significant capacity gains from the automation and centralization of all data and processing into one application. Our team has moved away from highly manual tasks and is instead spending more time analyzing data and making informed decisions. This project also gave us uniform processes, allowing us to take fuller advantage of our position as a global company.

BASF is among the world’s largest chemical companies and one of the few with a manufacturing site in Ireland. Our ambition is to be the preferred chemical company enabling our customers’ green transformation. Dublin hosts BASF’s Ireland Financing Platform.

In 2024, BASF Ireland DAC made history as the first Irish issuer of a Panda bond in China’s interbank market, raising approximately EUR 250 million at a fixed 2.39% for three years. This landmark transaction was more than a financial milestone—it represented a bold step into China’s domestic capital market under BASF’s “Financing in China for China” strategy. The proceeds funded BASF’s Chinese subsidiaries, ensuring currency-congruent financing and advancing sustainable growth.

Executing this deal required a multi-faceted transformation, including converting financial statements from Irish GAAP to EU-IFRS and changing the company’s legal form. The project navigated complex regulatory landscapes across multiple jurisdictions, bringing together high-caliber teams from Ireland, Germany, and China, alongside leading legal and banking partners. Oversubscribed and cost-efficient, the bond achieved the lowest coupon ever by a global multinational in the Panda market at the time. 
 
Building on this success, BASF Ireland DAC replicated the model in 2025 with a dual-tranche CNY 3 billion issuance, including BASF’s first 5-year CNY bond. These achievements deliver substantial financial benefits, set new standards for treasury innovation, and provide a blueprint for other Irish companies seeking to access international capital markets. This story reflects innovation, excellence, and the collaborative spirit that defines BASF Ireland DAC’s approach to international finance.

NYSE listed Flutter Entertainment plc is the global leader in sports betting, iGaming and poker.  Brands include Paddy Power, Betfair, Tombola and PokerStars in the UK, FanDuel in the US, SportsBet in Australia, SISAL and Snai in Italy, Adjarabet in Georgia, and MaxBet in Serbia. Flutter holds leading positions in the US, UK, Italy and Australia.

The regulated gaming industry creates specific challenges for Flutter Treasury due to diverse regulatory requirements, country-specific banking constraints, and a long history of M&A that introduced complex banking arrangements. Managing 150 banking partners, 1,500 accounts and extensive manual processes limited the visibility of group cash and prevented efficient use of funds.Bi-weekly AP cycles took up to six days to execute, and mobilising funds from cash-generative markets (UK, Italy, Australia) to support high-growth regions such as the US was difficult.

Flutter partnered with J.P. Morgan to transform its treasury and banking landscape by implementing an industry-first virtual account structure to establish a centralised in-house bank. The solution connects global operations through cross-border sweeping and cross-currency notional pooling, enabling a payments-on-behalf-of model and resolving legacy Oracle constraints. The multi-entity virtual account framework now supports over 85 legal entities, more than 80 percent of group AP, and over 12,000 monthly payroll payments.

This operating model improves reconciliation, visibility, controls and risk management, supports SOX requirements, and provides a scalable blueprint for future acquisitions. It also enhances liquidity mobilisation to fund FanDuel’s continued growth as the leading US sports betting and iGaming platform.

In April 2024 Solventum spun off from 3M as a standalone Healthcare Company with the mission of enabling better, smarter, safer healthcare to improve lives.  With this spin-off, Solventum’s Treasury team faced the remarkable challenge of building a fully independent global treasury infrastructure within just eight months. The task involved supporting 75 entities across 33 countries and 20 currencies while ensuring uninterrupted operations. The team executed a comprehensive setup and transformation: opening 268 bank accounts worldwide, implementing dual multicurrency notional pools with J.P. Morgan and Citibank, and establishing a Dublin-based financing holding entity to centralize approximately 80% of global liquidity. They also deployed Kyriba Treasury Management System in record time, automating processes and providing real-time visibility across nearly 390 accounts.

The impact was significant. The new structure delivered $18M in annual interest earnings, $1.6M in interest cost savings, and $1.5M in FX savings through optimized spreads and natural hedging. Liquidity centralization improved investment returns and minimized FX risk, while early exit from the Transition Services Agreement reduced costs and accelerated independence. Beyond infrastructure, Treasury became a strategic enabler—supporting major initiatives such as the divestiture of the Purification & Filtration business, which enabled a 30% reduction in company debt. The team’s innovative approach, operational excellence, and financial impact positioned Solventum for sustainable growth and future ERP integration. This achievement exemplifies resilience and creativity under pressure, transforming Treasury from a back-office function into a strategic partner driving financial stability and enabling investment in healthcare innovation.