Tube Lines, the company that develops and maintains London Underground’s infrastructure on the Jubilee, Northern and Piccadilly lines, has successfully implemented SimCorp’s state-of-the-art corporate treasury management system, IT/2, to manage the £1.9 billion debt facilities relating to its thirty year modernisation programme. The comprehensive system was fully installed in just six weeks.
"With the whole implementation process taking such a short time, we have been greatly impressed with SimCorp’s professionalism," said Nigel Lancaster, Treasurer for Tube Lines. "Furthermore, we are confident that SimCorp’s IT/2 will provide us with both the robustness and the flexibility we need to achieve our ambitious goals."
Recently, Tube Lines unveiled its thirty-year modernisation program to upgrade the Jubilee, Northern and Piccadilly lines, which includes track, trains, signals, civil and station work. Tube Lines sought a treasury management system that would offer the complete range of functionality that it requires with minimal amount of end-user effort and maximum straight-through processing. Tube Lines selected SimCorp’s IT/2 as the ideal system to help it simplify workflow and provide distribution of information simply, securely and cost-effectively.
"Not only did we deliver IT/2 on budget, but also, for the scope of functionality required, we completed implementation in record time," said Lee Wright, Managing Director of SimCorp IT/2. "I am delighted that once again our treasury management solution has provided such an easy and perfect fit for our client."
Equipped with Treasury Workspace interface, IT/2 provides a fully configurable environment where treasurers can immediately access all business critical information based upon individual and corporate responsibilities. Simply by aggregating forecasts and exposures, IT/2’s financial planning features allow Tube Lines to get a complete picture of financial exposures. Tube Lines also uses the advanced straight through processing capabilities of IT/2 to interface into its bank’s reporting and accounting system.