Castrol India Streamlines Its Treasury Management with Deutsche Bank

According to the agreement, Castrol will use Deutsche Banks complete end-to-end payment and collection solution, as well as db-eBills - the Banks innovative electronic invoice presentment and payment (EIPP) solution. This pioneering comprehensive cash management solution has supported Castrol in achieving its strategic objectives of setting up a high quality Debtor Management system, improving its customer service levels and fund utilisation, and ultimately delivering efficiencies across its value chain. This trend-setting solution combines the technological strength of Deutsche Banks global products with the local expertise of implementing customised solutions, which provides more than just the conventional cash management offerings. As part of the solution, Castrol has consolidated all its bank accounts with Deutsche Bank to augment its liquidity management, implement stricter credit controls and provide financing for distributors. Outsourcing of selected payment functions from issuance to distribution of cheques further enhances the solution. Overall the system has streamlined the operational workflow and processes within Castrol as well as with their trading partners. The success of this system has also been acknowledged in the wider BP world. The project, which was submitted as an entry for BPs global Financial Control & Accounting Awards (open to all BP Group companies), was selected as one of the 14 “outstanding” entries in the Systems and Technology category.