Centralisation of the cash management function offers cost savings and control benefits. By forming strategic relationships with global banks, corporates can eliminate the need for bank accounts in every country in which they are active, and reduce fees. Payment factories and in-house banks allow the consolidation of financial payments and payables and receivables. An in-house bank can convert expensive cross-border transactions into cheaper, domestic ones. While maintaining visibility over all treasury activity, a centralised treasury can also allocate levels of control to subsidiaries. It can also deliver clean, dependable data, enabling treasurers to analyse reports and drill down for information. This audit trail is a big step towards higher standards of corporate governance.