Singapore: Wolters Kluwer, a global provider of professional information, software solutions and services, has announced the successful implementation and go-live of CCH Tagetik Financial Close and Consolidation at Banyan Group. The implementation marks a key milestone in Banyan Group's finance transformation journey, modernising its consolidation environment and establishing a scalable, cloud-based foundation for statutory reporting across a highly complex global organisation.
According to BERNAMA News Agency, by replacing a legacy consolidation system with CCH Tagetik, Banyan Group has significantly accelerated its group close while strengthening governance, auditability and data accuracy across the enterprise. Banyan Group operates one of the most complex consolidation environments in the hospitality sector, with multi-GAAP requirements, multiple listings and a highly distributed global footprint.
'CCH Tagetik enables finance teams to simplify that complexity, accelerate close cycles and build a trusted data foundation for long-term transformation,' said Wolters Kluwer APJ Managing Director, CCH Tagetik, Kumiko Minowa. With operations spanning more than 80 legal entities across 23 countries, Banyan Group operates a complex legal and financial structure and is required to comply with multiple regulatory and accounting standards, alongside multi-currency and multi-segment reporting requirements.
As the organisation expanded, its legacy consolidation platform became increasingly difficult to maintain. Manual processes, limited flexibility and heavy dependence on information technology (IT) support constrained the finance team's ability to respond efficiently to growing reporting demands. To address these challenges, Banyan Group partnered with Wolters Kluwer to implement CCH Tagetik, to deliver a modern, cloud-based consolidation platform designed to support complex group structures and future transformation initiatives.
By implementing CCH Tagetik, Banyan Group has realised clear operational and governance benefits, most notably a financial close that is approximately five working days faster, with the potential to reach up to eight days as further optimisations are introduced. Additional benefits include faster and more accurate consolidated reporting across more than 80 entities, stronger data governance and internal controls, fewer audit issues due to improved structure and traceability, as well as seamless support for multi-GAAP and multi-currency requirements.