Transport for London (TfL), one of Europe’s largest integrated transport authorities, set up their Financial Services Centre (FSC) in August 2004. Following the success of the FSC, TfL decided in 2006 to expand the scope of services offered by the centre to include more than just transactional processing. In order to achieve this, it was crucial to recognise the differences in finance processes and consider the mechanisms needed to ensure successful service delivery.
Working with PA Consulting Group, TfL has successfully extended the operating model of the FSC beyond that of transaction processing to one that also delivers technical financial accounting and reporting services. The expansion of the FSC completed by TfL, with the support of PA, delivered cashable savings of over 20% with a payback of less than two years. The project was completed ahead of schedule.
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