Rajendra Prasad, Al Mulla Group’s head of group treasury, discusses the Kuwaiti conglomerate’s treasury modernization, which earned it a TCM Systems and Services award.
Global Finance: What was the treasury function like when you joined Al Mulla in 2022, and what necessitated this large-scale transformation?
Rajendra Prasad: I encountered a conglomerate with 40-plus subsidiaries using a manual, paper-based treasury system linked to an outdated enterprise resource planning (ERP) system. Managing over 300 bank accounts without real-time visibility hindered our ability to scale. Leadership mandated modernization to overcome silos caused by our use of different ERPs: SAP, Oracle, CDK, and Auto-line. We required a sophisticated, integrated solution that provides a single source of truth for global cash visibility.
GF: How did you initially address underlying process issues?
Prasad: DAS & FOT [dedicated account setup and flow of transactions] was a mini-project born of a readiness assessment. I realized that rushing into a treasury management system implementation without cleaning our data and structures would be futile. At the time, collections and payments often came from the same accounts, and many accounts existed purely for banking relationships rather than for business utility.
We proposed a structured Banking Operating Model where we created dedicated accounts for group treasury. We had to suspend the main project for three months to clear these legacy issues. This initiative ensured that the data and processes were standardized before they hit the new system. It was about moving away from glorified ledger-booking toward a cohesive, automated ecosystem in which bank identifiers automatically assigned transactions to the correct general ledger schema.
GF: Why did you choose FIS Integrity?
Prasad: We evaluated several top-tier vendors, but FIS’s ecosystem offered the flexibility to bridge gaps with custom requests while providing a robust SaaS-based solution. The breakthrough was moving to an API-first approach.
We had to educate various business units on what an API was and how it would facilitate real-time communication. For example, we automated foreign exchange deals through a platform where RFQs are sent via API directly from our forecasting. This eliminated fat-finger errors and ensured we always secured the best market rates through competition. Once a deal is placed, settlement instructions and accounting entries flow automatically through the system.
We also implemented a harmonious system for purpose-of-payment codes within FIS, allowing us to update compliance requirements centrally without needing complex ERP reconfigurations.
GF: Such a transformation of this magnitude requires cultural and organizational change. How did you manage this?
Prasad: Success in treasury transformation is 100% about getting people and processes on board. We established a high-level steering committee headed by the chief internal auditor to ensure compliance and cross-functional representation, including IT and Financial Control.
To overcome cultural resistance—especially to a paradigm shift toward automated accounting entries—we prioritized transparency. We created a Contributor Dashboard and an Incentivizing Performer of the Month program to recognize contributors to the project’s milestones. I requested two things from leadership: freedom and time. By securing top-down support, we ensured that the project wasn’t just a treasury project but a companywide evolution. We documented every decision in nearly 90 memos, ensuring the takeaways and minutes were on the record for all 40-plus subsidiaries.
GF: Now that the foundational transformation is complete, what is the next frontier for the Al Mulla treasury team?
Prasad: The next stage is moving from monthly forecasting to realtime, predictive AI-driven forecasting. We are currently populating cash flow codes in our payment files to build a deep data range.
Once we have sufficient historical data, we will use FIS’s cash predictor modules. These AI codes will analyze our forecasts against actuals: for instance, identifying whether a specific unit, such as Mercedes, consistently deviates from its predicted payment timelines. This will allow us to provide factual feedback to operations on logistical problems or shipment delays. Beyond that, we are looking to automate trade finance, which remains manual in many parts of the region. Our goal is to continue moving ahead of the curve, using technology not just for reporting but as a strategic tool to influence business decisions and optimize our cost of funds.
