Subway
98% Cash Visibility Achieved from Manual
90% Payments Automated from Manual
400K Transactions Completed Per Year
Subway is a global quick-service restaurant brand with nearly 37,000 restaurants across 100 countries. Founded over 50 years ago, Subway operates on a franchise model, with small business owners delivering freshly made-to-order sandwiches, wraps, salads, and bowls. As one of the world’s largest multinational restaurant franchises, Subway serves millions of guests every day, with guiding principles of exceptional service, high-quality options at great value, and continuous improvement.
Challenges
With a franchise model, Subway must draft its thousands of global franchisees for royalties and advertising fees every week. This poses significant complexity, as Subway interacts with over 70 banks and has over 400 bank accounts worldwide. Before GTreasury, Subway operated largely manually, with personnel using binders of bank login information and collecting authorization signatures by hand. With the recent introduction of a new leadership team, Subway targeted the implementation of a modern treasury management system as a priority, laying transformative groundwork for the organization’s future scalability through visibility, automation, and efficiency.
Solution
GTreasury provided Subway with a comprehensive solution for treasury transformation. Leveraging GTreasury’s unified platform and wide-ranging modules encompassing cash management, forecasting, payments, extensive bank connectivity, and risk management, Subway recognized the potential to modernize its treasury operations. Subway’s selection of GTreasury stemmed from its tailored approach to client relationships, offering customized support, along with hands-on training and implementation. Subway identified GTreasury as a strategic partner poised for collaborative growth.
“We just set out to streamline visibility to our global cash, originally. We’ve expanded use of the software as time goes on, and more capabilities become available to us as we learn
more. The genesis of our treasury department coincided with our selection of GTresaury. We went through a rapid treasury transformation with our implementation of the platform.”
Mike Vienneau
VP of Treasury, Subway
Benefits
With GTreasury, Subway quickly realized its treasury modernization objectives. The organization achieved 98% cash visibility and fully automated 90% of its payments after implementation, previously entirely manual processes. With savings on time and resources, Subway was able to redirect those resources toward strategic growth and investment initiatives.
Processing payments to its many franchisees, Subway managed an overly large banking network with around 450 bank accounts spread across 70 banks. Having a uniform feed from its enterprise resource planner (ERP) to GTreasury allowed Subway to consolidate those accounts to about 350 accounts across just 30 banks, translating to significant savings in overhead and banking fees. Along with its use of GTreasury’s payments factory, Subway sees more than 100,000 automated transactions externally every six months, along with about 26,000 direct debit transactions to its franchisees in just one month.
Subway’s ERP connects to GTreasury’s application programming interface (API) for straight-through processing of payments and franchisee receivables. Subway’s accounts payable and treasury teams now benefit from automated, real-time payment processing, reducing manual workload, providing real time data, and allowing for better insights into cash positioning and working capital. The team was able to automate its creation of general ledger (GL) entries in North America and has started the process internationally, as well. GTreasury creates a daily, condensed file, which is ready-formatted for easy upload to Subway’s ERP. This helps to drive Subway’s push for weekly, if not daily, reconciliation.
The platform equips the treasury team with seamless access to accurate, real- time global information via one centralized, cloud-based solution, facilitating prompt action and informed decision-making.
Key Takeaways
Consolidated 450 bank accounts across 70 banks to 350 accounts across 30 banks, leading to significant savings in overhead and banking fees
Processed 100,000+ automated transactions externally every six months and 26,000 direct debit transactions to franchisees monthly
Obtained centralized, real-time global information for informed decision-making
Conclusion
Backed by GTreasury, Subway has built a foundational system that has transformed the company’s treasury practices and efficiency. With seamless global banking connectivity, accounting automation, transaction matching, automated reconciliation, and more, Subway’s modernization efforts demonstrate an exemplary treasury strategy and blueprint for the future of the business.
“GTreasury’s technology quickly delivered on its promise and then some. The difference in our treasury operations is night-and-day following this transformation.”
Mike Vienneau
VP of Treasury, Subway
Subway
98% Cash Visibility Achieved from Manual
90% Payments Automated from Manual
400K Transactions Completed Per Year
Subway is a global quick-service restaurant brand with nearly 37,000 restaurants across 100 countries. Founded over 50 years ago, Subway operates on a franchise model, with small business owners delivering freshly made-to-order sandwiches, wraps, salads, and bowls. As one of the world’s largest multinational restaurant franchises, Subway serves millions of guests every day, with guiding principles of exceptional service, high-quality options at great value, and continuous improvement.
Challenges
With a franchise model, Subway must draft its thousands of global franchisees for royalties and advertising fees every week. This poses significant complexity, as Subway interacts with over 70 banks and has over 400 bank accounts worldwide. Before GTreasury, Subway operated largely manually, with personnel using binders of bank login information and collecting authorization signatures by hand. With the recent introduction of a new leadership team, Subway targeted the implementation of a modern treasury management system as a priority, laying transformative groundwork for the organization’s future scalability through visibility, automation, and efficiency.
Solution
GTreasury provided Subway with a comprehensive solution for treasury transformation. Leveraging GTreasury’s unified platform and wide-ranging modules encompassing cash management, forecasting, payments, extensive bank connectivity, and risk management, Subway recognized the potential to modernize its treasury operations. Subway’s selection of GTreasury stemmed from its tailored approach to client relationships, offering customized support, along with hands-on training and implementation. Subway identified GTreasury as a strategic partner poised for collaborative growth.
“We just set out to streamline visibility to our global cash, originally. We’ve expanded use of the software as time goes on, and more capabilities become available to us as we learn
more. The genesis of our treasury department coincided with our selection of GTresaury. We went through a rapid treasury transformation with our implementation of the platform.”
Mike Vienneau
VP of Treasury, Subway
Benefits
With GTreasury, Subway quickly realized its treasury modernization objectives. The organization achieved 98% cash visibility and fully automated 90% of its payments after implementation, previously entirely manual processes. With savings on time and resources, Subway was able to redirect those resources toward strategic growth and investment initiatives.
Processing payments to its many franchisees, Subway managed an overly large banking network with around 450 bank accounts spread across 70 banks. Having a uniform feed from its enterprise resource planner (ERP) to GTreasury allowed Subway to consolidate those accounts to about 350 accounts across just 30 banks, translating to significant savings in overhead and banking fees. Along with its use of GTreasury’s payments factory, Subway sees more than 100,000 automated transactions externally every six months, along with about 26,000 direct debit transactions to its franchisees in just one month.
Subway’s ERP connects to GTreasury’s application programming interface (API) for straight-through processing of payments and franchisee receivables. Subway’s accounts payable and treasury teams now benefit from automated, real-time payment processing, reducing manual workload, providing real time data, and allowing for better insights into cash positioning and working capital. The team was able to automate its creation of general ledger (GL) entries in North America and has started the process internationally, as well. GTreasury creates a daily, condensed file, which is ready-formatted for easy upload to Subway’s ERP. This helps to drive Subway’s push for weekly, if not daily, reconciliation.
The platform equips the treasury team with seamless access to accurate, real- time global information via one centralized, cloud-based solution, facilitating prompt action and informed decision-making.
Key Takeaways
Consolidated 450 bank accounts across 70 banks to 350 accounts across 30 banks, leading to significant savings in overhead and banking fees
Processed 100,000+ automated transactions externally every six months and 26,000 direct debit transactions to franchisees monthly
Obtained centralized, real-time global information for informed decision-making
Conclusion
Backed by GTreasury, Subway has built a foundational system that has transformed the company’s treasury practices and efficiency. With seamless global banking connectivity, accounting automation, transaction matching, automated reconciliation, and more, Subway’s modernization efforts demonstrate an exemplary treasury strategy and blueprint for the future of the business.
“GTreasury’s technology quickly delivered on its promise and then some. The difference in our treasury operations is night-and-day following this transformation.”
Mike Vienneau
VP of Treasury, Subway
Ausgewählte Ressourcen
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