G's Group is a diverse conglomerate with a decentralised organisational structure comprising five parent companies, family-owned entities, trusts, LLPs, joint ventures, as well as minority interests. Because of the shared ownership and diverse operational setup, each business unit has different financial processes and systems, making it a complex task to obtain consolidated financial information for the entire group.

As CFO, Francis faced significant challenges with understanding and managing bank balances for all the various business units. “Just knowing how much money we had in the bank was proving quite challenging," he stated, adding “I’ve seen dozens of different spreadsheets reconciling the accounts at the moment; every accountant does it their own way.”

Clearly, the first hurdle G’s needed to overcome was standardising the data reporting process. Influenced by previous success using IBM Planning Analytics (formerly Cognos) for business intelligence, Francis initially considered implementing manual data downloads to feed the reporting system. However, the time-consuming nature of such manual methods prompted him to search for a more efficient and streamlined solution.

For Francis, the introduction of NatWest’s Direct Access Accounts & Transactions API solution sparked enthusiasm as it promised to automate the data retrieval process. By integrating this API, G’s Group would have all its account data fed directly into their data warehouse to serve various internal systems, including transactional reporting and enterprise resource planning (ERP) solutions like JD Edwards. This gives them direct access to their financial information when and how they want it, standardising reporting across business units while enabling real-time financial insights for the entire group. 

In terms of implementation, G’s Group is using a phased approach, starting with reporting on bank balances and progressing to incorporating transactional data for more in-depth analytics. Along with API integration, G’s is working on automating and enhancing their bank reconciliation process through Oracle-type systems. Ongoing testing involves the use of API feeds to auto-match transactions in their JD Edwards system, with the goal of substantially automating the transaction reconciliation process.

While the systems are still in the testing phase, Francis is optimistic about the imminent go-live date, particularly the impact that automating data retrieval will have on bank reconciliations. “It will transform that piece of work because it will just automate it. We can all go in and look at the same data,” he asserted. “And knowing that my bank accounts are reconciled every day, is a position that I don’t think any other CFO in this company has been before.”

Besides eliminating manual tasks and spreadsheets, Francis expects automating data retrieval and standardising reporting to increase the company’s overall agility: “It’s just easier to teach people how to do the bank reconciliation when everyone’s doing it the same way. You can create videos; you can create helpful resources, so people can move from one part of the business to another seamlessly.”

The impact of implementing Direct Access Accounts & Transactions also extends to future benefits for data analytics. Highlighting the potential of live bank balance data in enhancing reporting capabilities, Francis commented “I’ve used IBM Planning Analytics for many years; this’ll be the first time I’ve been able to put bank balance data into it. For the first time in 20 years of using the software, live bank balance data will be coming through the feed, which is something I’m really looking forward to.”.

G's adoption of the Direct Access Accounts & Transactions API marks a strategic move to modernise financial operations, streamline reporting, and standardise processes across diverse business units. By providing real-time access to accounts and transaction data, our Direct Access solution enabled G’s to automate data retrieval and consolidate financial reporting for streamlined treasury management. Furthermore, the transformative impact of API integration on G’s financial landscape has positioned them for enhanced efficiency and data-driven decision-making.

Explore how APIs could benefit your business or learn more about our API solutions for financial reporting by visiting www.bankofapis.com.

(i) Fees and eligibility criteria apply.