Trinseo and StoneX: A long-term partnership to enable secure, flexible, and scalable bank connectivity

Trinseo is a specialty material solutions provider that partners with companies to bring ideas to life in an imaginative, smart, and sustainability-focused manner. Combining premier expertise, future-focused innovations, and best-in-class materials, Trinseo unlocks value for companies and consumers alike.
Trinseo has significant manufacturing and production operations around the world, allowing them to serve their global customer base how and when needed. As of December 31, 2022, production facilities included 39 manufacturing plants and one recycling facility at 33 sites across 15 countries. Trinseo’s centralized Treasury team supports global operations and is a critical function for Trinseo to mitigate financial risk, manage liquidity, and fund projects to deliver strategic growth.
When the Dow Chemical Company spun off Trinseo (formerly known as Styron) in 2010, Trinseo was under tight deadlines to implement a Treasury Management System (TMS), to connect back to an ERP provided by Dow (provided under a long-term managed services arrangement), and to connect to Swift quickly and securely. Trinseo elected to implement ION’s IT2 system and to work with StoneX (formerly Akshay) to provide Swift connectivity expertise and services. A key consideration in the selection of a new Swift Service Bureau was the ability to quickly and effectively set up these integrations and support Trinseo Treasury teams based in the US, Switzerland, Hong Kong, and China.
The implementation was spectacularly successful with all Trinseo Treasury centers in the US, Europe and Asia going live on Swift at the same time. A complex integration with SAP involving multiple consolidations and segregations of bank account statements was part of this implementation.
Since then, Trinseo and StoneX have worked on several major transformation projects:
- 2017: As part of Trinseo’s acquisition of the Italian plastics firm Applicazioni Plastiche Industriali (API) in 2017, StoneX helped integrate API’s systems into the Swift Service Bureau, leveraging a child BIC approach.
- 2020: A project to stand-up an independently hosted ERP system required a change to where Swift files were sent and received. StoneX provided consulting and technical support for this project to establish Trinseo’s own managed environment.
- 2021: StoneX delivered solutions for more targeted needs, such as allowing the handling of non-English characters that Swift does not support.
- 2022: StoneX was a key partner to set up additional integrations for Trinseo’s new SAP S/4 environment.
On a day-to-day basis, the StoneX support team replies promptly to resolve incidents and help Trinseo troubleshoot issues with their banking partners. During the past thirteen years, StoneX has facilitated a secure and reliable way to connect multiple back-office instances to the Swift Network, helping connect IT2 and SAP versions ECC and S/4 concurrently. Technologies like VPN, TLS and data payload encryption help to make the connection secure and ensure data integrity. StoneX enabled automation of the data flow for FileAct and FIN on multiple formats, implementing a complex statement consolidation module that includes receipt, page aggregation, account merge and per-region consolidation based on configurable cut times.
Tracy Blumenthal, Director, IT Planning and Strategy of Trinseo Group noted, “StoneX has been a reliable and collaborative partner since 2010. They are always available to strategize new solutions and adjust to our changing needs, providing creative, customized options when required.”
According to Martin Chan, Assistant Treasurer of Trinseo Group, “Trinseo relies on StoneX to securely and efficiently communicate and transact with counterparties around the world on the Swift network.”
Venkat B.V., Head of StoneX Technology Services, added, “We are very pleased to have Trinseo as a long-term client of ours. We too went through several changes over the past 13 years including two acquisitions and we have appreciated the partnership with Trinseo throughout this period. As we expand our capability to support corporates, we look forward to further strengthening our relationship with Trinseo.”
About us
We offer tailor-made foreign exchange and payment services for corporates, international development organizations and financial institutions worldwide. Our global network of 350+ correspondent banks helps us deliver transparent, secure, and guaranteed payments in 140+ currencies across 180+ countries. Clients are able to gain access to our services through a highly-scalable, efficient, and advanced payment platform that is easy to use. StoneX Group Inc. and its subsidiaries are a leading provider of execution, risk management, advisory, market information, and clearing services for various asset classes and markets worldwide.
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