Creating a Streamlined, Efficient Process for Canary Wharf Group Tenants

This article was originally published in Treasury Today in September 2026. In May 2026, Goldman Sachs Transaction Banking received Highly Commended recognition at the Adam Smith Awards: Best Cash Management Solution, for its nomination of Canary Wharf Group. The writeup describes how Canary Wharf Group was able to combine TxB’s Products and Services to specifically meet its treasury needs. The below represents a particular client’s results and the client use cases remain subject to Bank review and approval prior to implementation.
 

The Challenge

Canary Wharf Group (CWG) offers a range of access to bars, cafes, restaurants, grocery stores, pharmacies and health clubs in addition to workspace. CWG recorded its highest annual footfall of more than 76 million in 2025. High volumes of commercial tenants required a streamlined, efficient process for managing tenancy deposits and associated interest payments.

Previous systems required Accounts Payable to manually manage interest allocations and deposit reconciliation for each tenant. This resulted in a decentralized liquidity pool, which drove high operational complexity and elevated bank fees.

CWG strategically implemented a treasury management system (TMS), Nomentia, to automate and optimize payments. The goal was to achieve a single source of truth for data across accounts, gaining real-time visibility into liquidity and maximizing interest returns.

The Solution

CWG’s expansive portfolio required an account structure capable of supporting high transaction volumes, complex reconciliation, interest accrual, and automated tenancy deposit processing, including end-to-end journaling through the entire lifecycle.

CWG turned to Goldman Sachs TxB’s Virtual Integrated Accounts (VIAs) and Intelligent Payments Engine (IPE), which offered account management flexibility and payment optimization.

Integrating TxB’s IPE allowed CWG to automatically route payments based on information provided and transaction value, optimizing payment routing to be cost-efficient and automated.

This innovative approach assigns a unique VIA to each tenant, enabling automated reconciliation and digital reporting for each tenant’s activity.

This solution allows CWG to allocate interest to individual virtual accounts, allowing the group to accrue interest earned on deposits with sub-allocation for each individual tenant. This has helped to reduce manual reconciliation effort and delivered consolidated reporting within the same account structure.

Working closely with TMS consultants, CWG completed the implementation within three months, demonstrating strong coordination and commitment to modernization.

Best Practice and Innovation

CWG pioneered the use of TxB™ VIAs within the real estate sector. Assigning each tenant a unique VIA helped CWG eliminate manual interest allocation and dramatically reduce reconciliation effort.

This innovative approach enabled a substantial reduction in physical bank accounts, simplifying treasury operations. Self-service virtual account opening and closure helped streamline onboarding and improve operational agility.

TxB’s IPE, used in tandem with a VIA structure, automated payment routing based on transaction details, ensuring cost-effectiveness and simplicity. It also helped to ensure speed and reliability of payments by leveraging direct clearing memberships with the UK’s CHAPS and Faster Payments System (FPS).

Key Benefits

• Cost savings.
• Process efficiencies.
• Risk mitigation.
• Number of banking partners/bank accounts reduced.
• Exceptional implementation (budget/time).
• Future-proof solution.
• Improved visibility.
• Increased automation.
• Increased system connectivity.
• Manual intervention reduced.
• Reduction in errors.

CWG aimed to rationalize its complex structure and achieve real-time visibility into liquidity. The solution reduced the number of physical accounts supported by virtual accounts, thereby centralizing liquidity and simplifying operations.

The VIA structures and granular data they provide helped CWG establish a single source of truth for their data, leading to a real-time, centralized view of liquidity.

Ritu Jutla, Global Co-head, Goldman Sachs TxB® Coverage, says "CWG set a new benchmark for treasury innovation in real estate, transforming how tenancy deposits and interest payments are managed across its portfolio. Leveraging Goldman Sachs TxB’s VIAs and IPE, CWG used VIAs to reduce physical accounts from 290 to 16, automated tenant-level interest allocation, and unlocked real-time liquidity visibility – all delivered in just three months. We are thrilled to see CWG recognized for their forward-thinking approach, and on behalf of the entire TxB team, we wholeheartedly congratulate them on redefining what’s possible for treasury in the real estate sector."

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