The amount of manual processing reduced dramatically as a result of implementing a new system, although initially it took some time for users to become familiar with the TMS and its capabilities. All treasuryrelated transactions are booked automatically in IT2’s accounting module based on the information received from the bank using MT940 messages through Fides, and on the projected items held within the system using daily market rates. Entries are transferred to Abacus on a daily basis. Consequently, we now have the confidence that our accounting system is up to date and we are able to perform our month-end close
on the second day after month end, or sooner. We can also drill down into individual entries, enabling full visibility over data.
With an annual volume of around 15,000 transactions that are transferred from our TMS to our accounting system, the efficiencies gained as a result of achieving 100% straight-through processing are substantial.
From a cash management perspective, we have also gained considerable improvements in our processes and the quality of data. Bank balances between IT2’s accounting module are reconciled with those of the cash management module and with the bank statements received by email from the bank, so we have a high degree of data integrity.
Our straight-through processing gains are not limited to the back office. In addition to interfaces to Fides for bank account information, and to our accounting system for transferring accounting entries, we have also implemented an interface to automated dealing portal 360T for deals transacted in the market, and with Misys for confirmation matching.
As a result of this major project, we have achieved our Treasury Vision 2010 goals, and implemented a worldclass treasury management infrastructure that meets our needs today, and will continue to do so as these evolve in the future.