One of the largest nonprofit health plans in the United States, EmblemHealth serves 3.1 million people across the tri-state area around New York City. Despite the volume of its cash flows, however, until very recently EmblemHealth managed cash positioning and forecasting via spreadsheets.
When the organization deployed a new treasury workstation module that automated cash management, it gained greater visibility into its current and future cash positions, while simultaneously streamlining treasury operations.
T&R: Have payments changed as well?
CG: Definitely. We’re doing our wire transfers through Kyriba now, rather than having to go into each individual bank’s portal. We used to have a keychain with several RSA tokens on it, and anytime we needed to do a wire transfer we’d have to get the right RSA token, then go into the right portal. Now it’s so much more efficient. We go into Kyriba and initiate our wires, and we’ve set up the system so we don’t have to enter every bank account and routing number and payee data. That information populates automatically. In this process, payments are better controlled because everything happens in one environment, the treasury workstation.