T-Mobile International (TMO) has centralised its whole group payment transactions in Germany, the Netherlands and Austria based on CoCoNet’s Multiversa International Finance Portal (IFP). TMO’s subsidiary in the UK will be integrated in mid-2008. All TMO group payment transactions are processed via a SWIFT member-administered closed user group (MA-CUG) connector, which is an integrated module of CoCoNet’s portal solution. The transaction volume tops 100 million payments per year. In line with its strategy to centralize all group cash management and treasury operations, TMO also wanted to automate payment processing for all European subsidiaries in a central system. One of TMO’s main objectives was the reduction of costs, risks and administrative efforts. TMO intends to increase efficiency, transparency and controlling capabilities – especially to improve SOX compliance through enhanced control of financial processes. Almost all TMO subsidiaries are now live. Next steps such as the enhancement by professional cash management applications are now being planned.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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