Merck Implements Wall Street Systems Global Payments Solution
Wall Street Systems (Wallstreet) has announced that Merck & Co has successfully implemented the latest version of its suite to use for processing its entire global payments activity. Merck aims to reduce its cash management bank relationships from 100 to just three and to reduce the interfaces it maintains from 400 to just one. Merck has been using versions of the Wallstreet Suite since 1999. The functionality of the suite that Merck will use include: encoding local language characters to ensure that payments from global subsidiaries can be processed; interface from SAP to process payments direct from the suite via SWIFTNet SCORE to the banks; and capabilities to flexibly create new instruments, which was especially important for Merck’s US operations. The implementation of Wallstreet Suite 7.1 took eight months. Merck is also set to roll-out the cash management solution to its local subsidiaries. Furthermore, due to the implementation of this treasury model, Merck will meet the requirements of SEPA.