Gilles Coeymans and Thomas Clotteau (BIL & Agicap): pooling cash intelligence
Gilles Coeymans, Executive Director at BIL, and Thomas Clotteau, VP Sales Western Europe at Agicap, discuss their partnership to modernise treasury management for multi-entity groups in Luxembourg.
What are the main treasury challenges for multi-entity companies, and why does cash visibility remain so difficult?
Thomas Clotteau: What I hear every week from CFOs and treasurers is strikingly similar: the real issue lies in the tension between centralised and decentralised treasury management. Picture a group with fifteen to twenty operating entities, sometimes far more in retail or renewable energy, relying on different banks per country, different ERPs, local payment specificities, multiple currencies, and a perimeter that keeps expanding through external and organic growth. The group treasurer must steer a moving target, with local teams handling their own scope in their own language and tools. Consolidation remains manual: multiple banking portals, Excel reconciliation, constant follow-ups with subsidiaries. By the time the consolidated position arrives, it is already two or three days late. Without real-time visibility, treasurers keep unoptimised safety buffers. Cash sits idle in one subsidiary while another pays overdraft fees.
"By the time the consolidated position arrives, it is already two
or three days late." T Clotteau
How does Agicap concretely address these challenges for CFOs and treasurers running complex multi-entity structures?
Thomas Clotteau: Agicap centralises all treasury data. We pull transactions, account balances, the inputs needed for receivables and payables management, debt and investment positions, and external data such as exchange rates in real time, through more than 400 connectors and national and international protocols. Then we transform the raw flow: categorisation, reconciliation, consolidation. We cover the three horizons of the group treasurer. Short term: real-time cash positioning per entity and cash pooling with suggested balancing transfers. Medium term: a rolling 13-week forecast, synchronised with customer receivables and supplier payables from the ERP, based on the actual DSO per client. Long term: an annual treasury plan supporting strategic decisions. We also handle risk management for currency exposure and hedging, and financing through intragroup loans, factoring, and debt management. Everything sits on a single platform.
"Partnering with a Treasury Management System provider quickly stood out as the most relevant solution." G Coeymans (BIL)
BIL recently signed a partnership with Agicap in Luxembourg. What led BIL to this decision and what are the objectives?
Gilles Coeymans: We observed that several Corporate and Institutional clients faced recurring difficulties in managing their treasury. These challenges showed in a lack of consolidated visibility on bank accounts, processes that remained insufficiently automated, and limited forecasting capabilities to anticipate funding needs. We analysed several options. Partnering with a Treasury Management System provider quickly stood out as the most relevant solution. We launched a request for proposals to identify the tool best suited to our clients' expectations. Agicap distinguished itself through the breadth of its features, its strong modularity, and a very competitive value-for-money ratio. The partnership, signed in 2025, allows BIL to act as an intermediary, with Agicap providing the underlying solution. Our objectives are clear: enrich our service offering, strengthen long-term client relationships, optimise our clients' treasury management, and differentiate ourselves sustainably on the market.