Costco Wholesale Corporation has selected the IT2 treasury management system (TMS) to support its global treasury management operations based at their Issaquah, Washington headquarters in the US. The IT2 solution will provide global visibility of cash and exposures.
Costco selected IT2 to provide an integrated treasury management solution that will enhance control and transparency and the quality of management reporting. The US domestic cash management solution will provide access to prior and current day balance information from Costco’s network of banks. The system will additionally manage debt and money market fund investment operations, and also treasury accounting, using the integral IT2 nominal ledger module. For cash accounting, IT2 will generate over 500 journals per day, which will be exported to Costco’s accounting system.
Rue Jenkins, assistant treasurer at Costco Wholesale, said: “The Costco implementation will take advantage of IT2’s process mapping facilities to define, document and manage all key domestic and international treasury processes. IT2’s advanced workflow management facilities will enable us to put in place a range of key controls, including our ‘four-eyes’ treasury policy that requires secondary verification of all changes to static data and business logic, so that a secure, compliant and well-documented solution will be implemented.”
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