The important presentation by Marc Verkuil, Senior Director - Global Treasury Tax at AB Sciex,
entitled 'Banking on in-house expertise' at September's Eurofinance Conference on their cash and treasury management showed their development path had great similarity to the Citi's 2011 prediction of the phases of centralization and corporate treasury evolution:

Source & Copyright©January 2011 - Citi

AB Sciex's treasury and banking model is based on two key objectives: 1) reduce cost and create value for the business, and 2) reduce risk and improve control. A key operational objective was to implement a zero-balance cash pooling structure headed by a (global) finance company, including a multi-currency cross-border cash pool, if applicable, which is fully aligned with the global in-house
banking and (pan-European) factoring models.

The factoring and liquidity management structure they have developed is remarkably similar to the
last phase of centralization and evolution in Citi's prediction:

Source & Copyright©2011 - AB SCIEX

The main outcomes for AB SCIEX from this development and evolution included:

• the operating company is largely self funded, preserving credit lines for the parent company (Danaher Corporation);
• improved visibility of and control over cash
• global end-to-end (procure-to-pay) workflow processing resulting in significant efficiency improvements, reduction of errors and exception processing, and elimination of paper-based and manual processes
• consolidation of FX exposures resulted in reduction of company-wide (B/S) exposures, central trading of net exposures resulted in substantial FX trading savings; 
• improved data validation and reconciliation;
• largely ERP and bank independent, including preparation for contingency processing (multi-bank payment processing/routing possibility for all key currencies);
• stronger governance, security, internal controls, and compliance, resulting in reduction of (error and fraud) processing risks
• in-house banking, including  On Behalf Of Behalf Of  payment factory functionality
• lower transaction and operational costs (and higher success rate for establishing efficient Finance SSC's)
• centralization, automation, and standardization achieved through in-house banking have reduced 'intangible costs'.