The challenge
In February 2024, PLUXEE completed its carve-out from Sodexo and listing on Euronext Paris, requiring a fully autonomous finance function, including global treasury to support a newly independent, public company. Before the spin-off, treasury activities were partly centralised within Sodexo; PLUXEE’s remit centered on operational cash management with limited asset management scope.
As a standalone issuer, group treasury now owned end-to-end financing and liquidity, debt issuance, liquidity management, daily cash positioning and forecasting, financial risk oversight, banking structure redesign and asset management under independent investment frameworks. New realities compounded complexity: higher liquidity volatility, rating and counterparty driven limits, heightened regulatory scrutiny and a high rate environment that made idle cash costly while tightening risk tolerance.
A new solution was needed to standardise and automate surplus cash deployment, preserve principal, deliver competitive yield within defined limits and scale across jurisdictions and counterparties under clear governance.
The solution
The solution was an end-to-end integration of Morgan Money, J.P. Morgan’s open architecture liquidity trading and analytics platform, with Kyriba, PLUXEE’s Treasury Management System. This created a single, controlled workflow for short-term investments, combining fund access, analytics and risk management insights in Morgan Money with cash, payments and reporting in Kyriba.
Implementation focused on straight-through processing and governance:
- Digitised subscriptions and redemptions in Morgan Money.
- Automated settlement instructions from Morgan Money directly to the custodian.
- Auto creation of trades and updated portfolio positions in Kyriba.
- Embedded controls (segregation of duties, approval workflows), data mapping and reconciliation between platforms.
- User acceptance testing and a phased go live to de-risk adoption.
Key obstacles addressed included harmonising static data and workflows across entities, standardising approval and settlement processes with the custodian, and ensuring auditability and resilience under volatile liquidity conditions. The integrated setup now allows Group Treasury to execute front to back investment activity in one environment, improving control, speed, and accuracy while aligning with PLUXEE’s risk appetite and governance.
Best practice and innovation
The Morgan Money – Kyriba integration replaced fragmented, portal based workflows at PLUXEE with a standardised, scalable, bank agnostic architecture for money market fund portfolio management. It enables straight through processing, SSO protected access, and a single source of validated investment data across institutions, eliminating phone orders, duplicate entry, and manual aggregation.
Daily automated reporting provides near real-time visibility of positions, exposures, yields, WAM and counterparty utilisation, supporting proactive limit management and liquidity steering. Governance is embedded by design: standardised data mapping, automated validation controls, maker–checker workflows, counterparty and rating limit monitoring, ESG screening and full audit traceability.
The solution also supports International Financial Reporting Standards (IFRS) compliant valuation, liquidity stress testing and alignment with integrated cash forecasting, strengthening asset liability management. Innovation is evident in the bank agnostic integration layer, which allows new partners to be onboarded without re-engineering, and in analytics that enable dynamic yield optimisation within an approved risk appetite.
Key benefits
- Cost savings
- Headcount savings
- Return on investment (ROI)
- Risk mitigation
- Improved visibility
- Increased automation
- Increased system connectivity
- Manual intervention reduced
- Reduction in errors
The impact is measurable: manual processing time reduced by an average of four hours per week, higher data accuracy and faster cycle times. Collectively, the solution elevates treasury from a transactional operator to a strategic liquidity and risk function aligned to listed company standards.
The project aimed to centralise access and oversight of money market funds, cut manual processes and establish a framework to support treasury’s evolving liquidity strategy and optimise financial revenue.
These objectives were met by integrating four banking partners into a standardised, bank agnostic architecture that streams automated money market fund data directly into the Treasury Management System, creating a single, reliable source of investment information and a unified communication channel.
Operationally, treasury now benefits from daily automated reporting and timely, consistent data across institutions, enabling faster, better informed investment decisions. Financially, enhanced access and oversight have delivered a tangible uplift: an average improvement of ten basis points in investment yield and a significant reduction in idle cash balances.
PLUXEE is a global employee benefits and engagement company that provides digital solutions for corporate rewards, meal allowances, gifts and wellness programmes. Formerly known as Sodexo Benefits and Rewards Services, it became an independent company in 2023 and operates in over 30 countries.