Citi Treasury and Trade Solutions
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The Challenge
Honeywell International Inc. (Honeywell) is a
diversified technology and manufacturing
company, serving customers globally in a
variety of industries such as aerospace,
specialty materials as well as control
technologies for residential and commercial
buildings and industrial facilities. Based in Morris
Township, N.J. (USA), Honeywell has over
120,000 employees and does business in over
100 countries worldwide.
Like many US multinationals, which have grown
over the years, Honeywell’s current electronic
banking (EB) structure had become unwieldy as
finance and accounting processes (e.g. accounts
payables (AP), accounts receivables, payroll and
tax) were ‘farmed’ out to various shared
services centers (SSCs) the company runs
across different geographies.
With increasing dependence on EB and the
associated controls to manage user entitlements
and profiles and underlying workflows, Honeywell
faced a pressing need to rationalize its multiple
CitiDirect Instances or set ups to drive
operational efficiencies across the company.
HONEYWELL
Transforming the Electronic Banking
Process
Honeywell undertook a transformative process re-engineering project for their electronic
banking platform in 2014, involving coordination and streamlining of processes, and benefited
more than 1,000 users. The results have been impactful with enhanced process controls, and
significant reduction of risk of unauthorized access and fraudulent transactions.
Industrials
Energy, Power
and Chemicals
Technology, Media and
Telecommunications
Consumer and
Healthcare
Non-Bank Financial
Institutions
