Kemijoki Oy, the Finnish hydroelectric power producing company, has selected IT2 to provide a solution for its cash, treasury, treasury accounting and financial risk management requirements. The Kemijoki transaction represents the latest success for the commercial co-operation between IT2 Treasury Solutions and OpusCapita in Finland and Sweden. The OpusCapita team is managing the implementation.
The IT2 solution is automating the management and reporting of financing agreements and instruments, fulfilling needs that grew with the evolution and diversification of Kemijoki’s treasury operations. The scope of the solution includes cash management, short term funding and investment (including the operation of borrowing facilities), foreign exchange (FX) hedging and nominal ledger management. IT2 support for long-term finance includes fixed, floating, index-linked and zero coupon rate structures, and the system will support a range of the interest rate hedging instruments, including swaps, non-deliverable swaps, options and forward rate agreements (FRAs).
Additionally, IT2 will support trade finance via letters of credit (LCs) and guarantees. Risk management facilities include trial deals and scenario analysis, so that Kemijoki treasury will be able to test their financial exposures against a range of hypothetical actions and market conditions.
“With the renewal of the treasury system we aim to achieve benefits through the automation of financing processes,” said Susanna Rantala, financial manager of Kemijoki Oy. “The system reduces the likelihood of manual errors occurring, and accelerates and brings new dimensions to financial reporting.”
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