Elire News

Category: Success Stories

Success Delivered: Stifel UK Global Payments Implementation

July 30th, 2019

Success Delivered: Stifel UK Global Payments Implementation

Elire has partnered with Stifel, Nicolaus & Company, a full-service brokerage and investment banking firm established in 1890, to complete a global electronic payments implementation. Elire initially implemented global ISO 20022 formatted payments for Oracle Cash Management that included ACH, BACS, Wire, and SEPA.

The initial project scope included integrating Stifel with BOFA globally to process bank reporting and electronic payments formats. As the project began, Elire ran into many challenges. All existing supplier setup, base configuration, workflow and reports weren’t built during the original implementation in such a way to support the electronic payments. 

The Elire team remapped their existing suppliers to better utilize the supplier/sites relationship converting this process to a global Stifel initiative, established tailored payment approval workflows, built a series of validation reports to confirm supplier setup, updated bank configuration, built audit reports, and reconfigured the base AP configuration.

This project served as a pilot project for Stifel to establish KPI’s and other value propositions for implementing global electronic payments in Oracle Cloud in other markets and geographies. The implementation has aligned Stifel with industry best practices of remitting electronic payments, saving time and money by no longer manually producing and reconciling payments out of multiple bank portals and other systems. Elire’s process of building an electronic payments project roadmap and implementation path furthered the client relationship with Stifel and encouraged collaboration on future projects. 

For more information on Elire’s Cloud Treasury Services, visit here

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Elire Delivers Cloud Success for Financial Services Firm

July 17th, 2019

Elire Delivers Cloud Success for Financial Services Firm

Elire recently implemented Cloud General Ledger for a subsidiary of the 5th Largest Bank, headquartered in Minneapolis. The nation’s most active tax credit investor and community development lender. They Provide innovative financing solutions to meet the community and economic development needs of our partners and those they serve.

Top Customer Objectives and Challenges

  • Implement Oracle Cloud General Ledger
  • Reduce the amount of manual work performed
  • Increase Internal Controls and Reduce Risk to Client
  • Reduce the burden of audit cycles, internal and external
  • Improve the Financial Reporting Processes

Success Delivered – Project Results

  • The project went live on December 1st, 2018 with Parallel, full cutover on January 1st, 2019
  • Automated Journal Interface to Corporate saved time in two ways
    • No more paper copies to be passed around and maintained.
    • Automated Entry and workflow speed up the transaction processing time. Any investigation into a specific Journal is as easy as “clicking through”. 
  • Expanded Financial Reporting Capabilities with the Implementation of Oracle Cloud GL, giving more granular transactional detail to support Managerial, Business, Regulatory, Audit, and Tax Reporting Requirements
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