Chemtura Corporation, a global manufacturer of specialty chemicals, has completed the implementation of the first phase of the rollout of the IT2 treasury management system (TMS). IT2 now supports Chemtura’s domestic and international cash, treasury, cash accounting and financial risk management functions, in live operation. Chemtura will soon rollout the application of IT2 for trade finance using letters of credit (LCs) and guarantees, debt and investment.
Chemtura is using IT2 to deliver standardised best practices across its global treasury operations, serving treasury and accounting professionals in both US and international centres of excellence. Chemtura can now achieve real-time accessibility and visibility of its financial risk and daily cash positions. In the new environment, Chemtura treasury can take advantage of IT2’s secure treasury processing facilities to streamline, control, document and secure daily operations, and to provide enhanced management reporting on key risk areas such as liquidity and the analysis of metrics.
In the near future Chemtura will also use IT2’s hedge accounting module to assist in its compliance with FAS 133 requirements, including prospective and retrospective effectiveness testing, and the automatic generation of accounting journals that are exported to SAP.
Stephen Forsyth, executive vice president (EVP) and chief financial officer (CFO) at Chemtura, said: “IT2 is now helping our efforts to build ‘best-in-class’ treasury operations that evolve to meet future needs. I am pleased with the way that the Chemtura and IT2 teams have worked closely together to deliver a high quality implementation and the quality of technical support provided by IT2. The higher levels of control, automation and dependability which we are now achieving enable the team to focus on more strategic, forward-looking thinking.”
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