IT2 Treasury Solutions said that Finnish consulting and engineering company Pöyry has selected IT2’s treasury management system (TMS). The deal, between Pöyry and IT2 partner OpusCapita, was signed at the end of May, and the solution is currently being implemented in Finland.
The system’s introduction is as part of a project to establish a centralised group treasury, which will extend treasury visibility, services and reporting to all 50 countries in which Pöyry operates.
“Pöyry has seized a rare opportunity: to engineer a treasury department’s business processes and operations from the foundations up, in accordance with internationally recognised best practices,” said Janne Runsamo, treasury manager, Pöyry. “We look to secure the benefits of visible, highly automated, controlled and efficient workflows across all areas of treasury activity, in place of manual input to spreadsheets and discrete systems.
“From front office treasury dealing, to bank account management, accounting and high level reporting, worldwide treasury activity will be self-documenting and accountable, conducted in a single, controlled environment. Flexible and technologically sophisticated treasury software is one of the key elements in today’s treasury surroundings. With IT2 Pöyry is able to manage centrally the whole group’s foreign exchange (FX) risk, interest rate risk as well as liquidity risk.”
Significant levels of treasury automation are intended to secure the execution of treasury business with maximum efficiency in terms of cost and risk. To this end, automation will encompass the conduct of multilateral netting activity, generation of group wide risk management analyses, forecasts and the management of hedging instruments including interest rate swaps, cross currency swaps and non-deliverable forwards. Operational efficiency and security will be further boosted by full integration of the TMS with accounting, bank account interfaces and electronic dealing platforms.
Central visibility will be enhanced by the channelling of reporting on subsidiary financial positions via the system’s web-based front end, IT2 NET.
“Pöyry is able to collect and net its internal transactions using the browser-based interface. With this tool all our subsidiaries can enter bids and liquidity forecasts in the system,” said Runsamo. “Reporting of bank accounts and positions is significantly streamlined via this single channel, ultimately providing a more timely, accurate and comprehensive view of both cash and risk. Accurate reporting translates to financial efficiency and effective central protection of assets. But visibility works both ways: subsidiaries have access to the system’s intelligent reporting with visibility of net positions, forecasts and accounting at their fingertips.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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