Energy holding company PPL Services, a centralised service subsidiary of PPL Corporation, has selected Wall Street Systems (Wallstreet) for its next-generation treasury solution. Wallstreet Suite will enable PPL to manage and integrate its complex and sophisticated treasury operations on a single automated platform. PPL sells energy in key US markets, and delivers electricity to customers in Pennsylvania and the UK.
With over 1.4 million domestic customers, PPL has an extremely large influx of payments to handle. PPL deemed Wallstreet Suite the easiest solution to integrate into their settlement system. A key driver of the selection of Wallstreet was PPL’s goal to manage a complex operation on a single, reliable platform with strong reporting and integration tools. With Wallstreet Suite, PPL can automate the management of cash as well as the valuation, and accounting for their debt, foreign exchange (FX) and investment portfolio, including complex instruments.
Another important driver for the decision is that Wallstreet Suite enables PPL to proactively address the SEC reporting requirement in International Financial Reporting Standards (IFRS) tentatively scheduled for 2015. According to the edict, all organisations involved in international operations will need to report in IFRS standards. Wallstreet Suite is able to provide clients with automated, multiple Generally Accepted Accounting Principles (GAAP) and IFRS accounting from any single transaction, enabling PPL to meet its future IFRS requirements.
“The simplification of our treasury operations onto one strategic platform gives us complete transparency and control of cash, the ability to manage our interest rate and currency exposures, improve liquidity planning, enhance regulatory reporting and provide end-to-end coverage of the entire operation,” said Linda McDonald, manager: financial settlement and controls, PPL. “We found Wallstreet capable of supporting our objectives and developed a high degree of confidence in their delivery expertise.”
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