Stifel Investment Services
GLOBAL PAYMENTS IMPLEMENTATION
Elire partnered with Stifel, Nicolaus & Company, a full-service brokerage and investment banking firm established in 1890, to complete a global electronic payments implementation utilizing Oracle Payables Cloud. Elire initially implemented global ISO 20022 formatted payments for Oracle Cash Management that included ACH, BACS, Wire, and SEPA.
SCOPE OF THE PROJECT
The initial project scope included integrating Stifel with Bank of America (BOFA) globally to process bank reporting and electronic payments (ACH, BACS, Wire & SEPA).
As the project began, Elire ran into many challenges. All existing supplier setup, base configuration, workflow and reports weren't designed with electronic payments in mind during the original implementation. The Elire team re implemented payables to better utilize delivered supplier/sites relationship while deploying this process improve initiative globally to Stifel, established tailored payment approval workflows, built a series of validation reports to confirm supplier setup, updated bank configuration, audit, and reconfigured the base Accounts Payable configuration.
This project served as a pilot project for Stifel to establish Key Performance Indicators (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.