FMC Chemical International AG and Accuity won the 2016 CFO Innovation Awards, under the Editors’ Choice category for Excellence in Payments Transformation today.

FMC serves the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. FMC worked with Accuity, the leading provider of payments, risk and compliance solutions, to improve its payments processes.

The project is at the forefront of best practices for payments optimisation. FMC was able to validate all payment codes within their payment instructions for both local and cross-border payments to significantly increase the rate of payment straight through processing (STP). With precise, comprehensive data on financial institutions around the world powering one centralized hub/database, FMC has reduced the number of payments rejected or needing repair, saving significant time and money in repair processing and fees.

Updated daily by the Accuity team of more than 100 Bankers Almanac data professionals, this solution provides easy access to accurate and up-to-date intelligence on global financial institutions. FMC has enhanced capability to prevent reputational risk and supply chain disruption, while improving operational efficiency.

Muhammad Rizwan, Global Finance Service Manager, FMC, said: “We are very happy to win this prestigious award. The tools are really easy to use, and the breadth and quality of Accuity’s data has allowed us to save on bank charges and payment processing costs”.

Cesar Bacani, Editor-in-Chief, CFO Innovation Asia said: “The FMC and Accuity project impressed CFO Innovation editors because it tackled the last-mile part of the process that is often neglected in payments transformation. The solution was easy to use and deploy, and resulted in significant improvement in payment accuracy and cost savings, as our discussion with FMC made clear.”

Hugh Jones, President and CEO, Accuity, commented: “Accuity is honoured to win the CFO Innovation Award with FMC. Winning this award means a great deal to us. Fundamentally, the CFO Innovation Award recognises our innovation in payments technology, bank master data management and most importantly our unyielding commitment towards achieving innovative partnerships with our clients.”

As a result of this project, FMC has enhanced its ability to reduce its supply chain disruption and reputational risks. A strong collaboration between Accuity consultants and FMC business ensured this project was completed in under four months.