How BearingPoint’s treasury team runs spot FX execution across 20+ countries, including its Arcwide joint venture, supported by what they describe as a simpler KYC process.
At a glance
- Client: BearingPoint, a global management and technology consultancy.
- Treasury team: A four-person team across Amsterdam, Zurich and London.
- Use of Alt21: Multi-currency spot FX execution for the firm and the Arcwide joint venture.
- Other providers: Banking relationships and other FX providers.
About BearingPoint
BearingPoint is an international management and technology consultancy with around 6,200 consultants operating across 20+ countries, primarily Europe, with offices in the US, China and Scandinavia. Engagements range from SAP implementations in Germany to supply chain, finance and digital transformation across the firm’s client base.
The team
Treasury is run as a centralised function from Amsterdam, Zurich and London. The team manages FX, payments and cash for the entire group, as well as for Arcwide, BearingPoint’s consultancy joint venture with ERP vendor IFS. The platform is operated day-to-day by Treasury Manager Nick Tuinman and Arno van der Vliet, who runs the FX execution.
For a firm whose consultants move between client engagements across borders, the bulk of treasury activity is not product purchasing. It is intercompany invoicing.
“As consultants, you don’t have that many payments. We have payroll, expenses for the consultants that are travelling, and some vendors. We don’t buy or sell product.”
Nick Tuinman, Treasury Manager, BearingPoint
In practice that means a steady flow of cross-border invoices, for example German consultants working on UK projects billing their UK entity in euros, alongside a smaller mix of harder-to-hedge flows in Romanian Ron, Swiss Franc, Swedish Krona and UK Sterling. With natural hedges in place for most non-Euro exposures, the team’s focus is on executing spot FX cleanly at sensible rates.
To handle that activity, BearingPoint’s treasury team uses a mix of providers. Banking relationships remain part of the wider treasury setup, other providers continue to be used for specific transactions, and Alt21 came in to handle multi-entity activity where the alternatives had constraints.
Where Alt21 fits
The trigger to evaluate Alt21 was multi-entity onboarding. With several entities across geographies, each new entity typically requires its own KYC and onboarding process at each supplier before the first trade can happen. For Arcwide, the joint venture structure adds further complexity.
BearingPoint added Alt21 as a supplier specifically because of the ease of trading on behalf of new entities, which the team flags as the most significant operational gain. After evaluation, three things stood out.
1. Entity management without per-entity KYC
The team described the biggest operational gain as how Alt21 handled multi-entity activity.
“We just send money from an Arcwide entity to the main account. And then we can easily add bank accounts instead of doing the KYC for each country and each company. That is the biggest advantage.”
Nick Tuinman, Treasury Manager, BearingPoint
For a firm that periodically opens, restructures or absorbs entities across geographies, that changes the timing of when treasury can execute. Where bringing a new entity online elsewhere can require up to a week of KYC and documentation, the BearingPoint team can route activity through their main Alt21 account without that delay.
2. Pricing transparency
For BearingPoint, the price visibility on the platform stood out, particularly compared with the pricing the team received from their bank, which they described as “not even close” on rates.
“What I like is that you immediately see the costs very clearly.”
Nick Tuinman, Treasury Manager, BearingPoint
The platform surfaces the cost at the point of trade, giving the team a clear view of execution before they confirm.
3. Continuity of relationship management
For a treasury function that values continuity, BearingPoint describes Alt21’s stable account coverage as a quiet but meaningful advantage. The same point of contact handles questions and ongoing support over time, which the team finds practical when reviewing trades or working through specifics.
Getting up and running
The BearingPoint team described getting started with Alt21 as straightforward. The platform mirrors the rhythm of FX systems the team had used before, which meant little adjustment was needed for the people running the trades.
“I know what I want. I have some foreign currency, or I want to buy currency, and I just click some buttons. It’s doing its job. Click confirm and the deal comes out.”
Arno van der Vliet, BearingPoint
The team picked up the platform quickly, with Alt21’s account team on hand for anything they needed along the way. That relationship has stayed consistent since, which the team values: a single point of contact for questions and ongoing support means less time spent re-introducing the team, the entities and the workflows.
How BearingPoint uses Alt21 today
The treasury team uses Alt21 for spot FX execution across the firm and Arcwide. The team does not currently use hedging products. Most non-Euro exposures sit behind natural hedges from the firm’s revenue mix.
Day-to-day, the workflow is straightforward. The team identifies the conversion needed, executes on the platform, and routes the payment. The cost of each conversion is visible at the point of trade, and entities across the group can transact through the main account without separate onboarding.
The difference
Based on BearingPoint’s experience, the team identified the following benefits:
- Faster onboarding for new entities. In BearingPoint’s experience, bringing a new entity online through other providers required up to a week of KYC and documentation. Through Alt21, the team was able to route activity through the main account without delay.
- Visibility at the point of trade. Execution cost is shown before the trade is confirmed.
- Continuity of coverage. A stable relationship manager rather than annual rotations.
- Works alongside the existing setup. Alt21 complements BearingPoint’s wider treasury relationships rather than replacing them.
In their words
“Easy to use. Clear pricing. You don’t have to call the banks anymore.”
Nick Tuinman, Treasury Manager, BearingPoint
Note: Individual experiences may differ.
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This article has been produced by ALT 21 Limited for information purposes only. This case study describes the experience of a single client and is specific to this client’s operational setup and treasury activity. Past or described outcomes are not indicative of future results, and outcomes will vary by client. It does not constitute financial advice or an offer to sell or the solicitation of an offer to buy any products referenced. Hedging products are not suitable for every business. Before entering into any FX product, you should consider whether it is appropriate for your needs and circumstances. ALT 21 Limited assumes no liability for errors, inaccuracies, or omissions. Eligibility criteria and terms and conditions apply to all products and services offered by ALT 21 Limited. Not all applications will be accepted.