Client profile

MN8 is a renewable energy company dedicated to providing decarbonization solutions to enterprise customers. Originally founded within Goldman Sachs, MN8 has grown into one of the largest and most sophisticated renewable energy companies in the U.S. The company is also expanding its footprint in the electric vehicle charging space through its joint venture with Mercedes-Benz.

The challenge

MN8 sought to implement a more streamlined process for managing reporting and tracking debt schedules. The company required a solution capable of centralizing and tracking approximately 500 bank accounts while facilitating the movement of money across multiple banks. Additionally, MN8 aimed to unify its various debt facilities and eliminate inefficient manual calculation methods and workflows.

The solution

In early 2024, MN8 transitioned to FIS® Treasury and Risk Manager – Integrity Edition. Joseph Perkins, treasury supervisor of the MN8 Treasury Ops team, highlights how the solution has helped to significantly streamline the company’s approach to managing reporting and tracking debt schedules, facilitating a smoother and more accurate flow of funds. Users can now generate reports with just a few clicks, enabling historical analysis and forecasting.

“The solution is particularly valuable for forecasting floating rate debt and hedge calculations, as it utilizes curve rate feeds that were previously calculated manually,” he says. “Without Treasury and Risk Manager – Integrity Edition, floating rate calculations and the manual upkeep would be both time-consuming and challenging to maintain.”

Results

With 15 different banking partners to manage, Treasury and Risk Manager – Integrity Edition helps save the MN8 Treasury Ops team countless hours by consolidating information into a centralized platform. In addition to adding control and rigor to the company’s debt management through the contracts and settlement workflow, Treasury and Risk Manager – Integrity Edition can automate accounting journal entries for contracts booked in the system. All these capabilities help the company keep money in frictionless motion.

“FIS’ support during the implementation phase was integral to our success,” says Joseph. “We engaged in numerous discussions, training sessions and workshops covering a wide range of system modules and functionalities.”

FIS continues to provide ongoing support post-implementation, proactively assisting with future initiatives. Joseph notes that the 2024 FIS User Group conference was especially valuable for exploring system features MN8 had not yet utilized. The annual event offers a dedicated space and time for businesses to connect with other FIS clients, share experiences and exchange best practices to deepen their understanding of the system’s capabilities.

Joseph anticipates that Treasury and Risk Manager – Integrity Edition will play a pivotal role in supporting MN8’s new ERP implementation in the coming year. The company is also prioritizing improvements to its reporting capabilities within Treasury and Risk Manager – Integrity Edition, whether through additional training with FIS or enhanced software functionality.

“Our partnership with FIS will likely remain centered on system enhancements, collaboration and ongoing communication,” Joseph remarks.