Success Story
MedcoEnergi Strengthed Cash Forecasting Accuracy
MedcoEnergi replaced manual, spreadsheet-based cash forecasting with an automated workflow that reduced overtime hours and simplified regulatory tracking.
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overtime hours saved monthly
active partner banks
bank accounts
About
MedcoEnergi is an Indonesia-based energy company headquartered in Jakarta, operating across oil and gas and power generation, as well as a strategic investment in the mining sector.
The treasury team manages cash positions across more than 25 banks and 250 accounts spanning Indonesia, Singapore, Thailand, Tanzania, Oman and other international locations.
Solutions leveraged:
Challenges
As MedcoEnergi continued to grow through both acquisitions and organic business expansion, the treasury team was tasked with managing significantly greater scale and operational complexity while maintaining a stable headcount.
Key challenges included:
- Manual, spreadsheet-based cash forecasting consolidated from each working area up to headquarters
- Substantial time spent gathering, validating and reconciling data before reports could be finalized
- Operational complexity across more than 25 banks and 250 accounts spanning multiple time zones and jurisdictions
- Various regulatory and compliance adherence result in manual, transaction-by-transaction calculation; for example, Indonesia's mandatory 30% oil & gas export revenue retention for 3 months
- Growth of the group requires scalable cash forecasting workflow
Solution
MedcoEnergi partnered with Ripple Treasury to replace manual cash forecasting with an automated, centralized workflow. The team ran a structured, cross-functional evaluation involving IT, procurement and its internal financial excellence group, and selected Ripple Treasury based on technical fit, user experience and pricing. These solutions were deployed:
- Cash Forecasting Automation: Automated the calculation and future-dating of Indonesia's mandatory 30% export revenue retention, replacing a manual, transaction-by-transaction process that consumed significant treasury time each month.
- Bank Connectivity: Connected the accounts with the most cash forecast impact using SWIFT where available and existing MT940 file feeds for the rest, updating the cash forecast every day without a full 250-account rollout.
- Phased Implementation: Started with a single cash forecasting module rather than a full rollout, matching the pace of a small treasury team and proving value before considering additional modules.
Benefits
MedcoEnergi reduced manual effort, sped up reporting and gained the confidence to scale treasury operations further. Key benefits included:
- About 50 to 55 fewer overtime hours per month, freeing the treasury team for higher-value analysis
- Faster, more confident cash forecast reporting, replacing manual data gathering and validation
- Automated tracking of regulatory retention requirements, removing a recurring manual calculation
- Clearer, more concise forecast reporting for leadership, instead of full spreadsheet exports
- Greater confidence in scaling the treasury function as the business adds banks, accounts and countries
Conclusion
By moving from manual spreadsheets to Ripple Treasury, MedcoEnergi built a faster, more accurate cash forecasting process across a complex, multi-country operation. The treasury team now has a workflow built to scale as the business keeps growing through acquisition.
“Beyond the measurable financial returns, the initiative delivered substantial organizational benefits through improved productivity and reduced operational strain. This enabled our team to shift their focus to more strategic activities that contribute directly to business performance, company growth and stakeholder values.”