Belron Selects the IT2 ASP Treasury Management Solution
5 October 2010
IT2 Treasury Solutions Limited announces that Belron Finance Ltd. has selected IT2 to provide a best practice treasury systems solution to support their operations based in Egham, Surrey, United Kingdom.
Belron Finance Ltd. is the latest addition to IT2’s rapidly growing portfolio of ASP clients; they have chosen the fully managed service option, in compliance with their IT procurement policy preferences.
The IT2 solution will encompass the whole Belron Group’s treasury operations, including Autoglass and the US based Safelite. It will address FX and interest rate risk management, cash management, cash forecasting, commodity hedging, trade finance using guarantees and LCs and treasury accounting, including cash and hedge accounting. IT2 will be integrated into a new STP treasury environment with FIDES for bank balance and transaction statement and electronic payments management, 360T for automated deal execution and capture, Misys CMS for confirmation management, Reuters for market data updates and Oracle EBS for consolidated accounting purposes. IT2 will be implemented to support IAS32 and IAS39, including prospective and retrospective effectiveness testing and the export of accounting journals. IT2 NET will be deployed for internet based treasury communications for dealing and funding requests, cash forecasting and balance reporting, and for treasury communications and reporting across the Belron Group.
“We selected IT2 because of its functional completeness and STP workflow management features - and also as a direct consequence of the company’s flexibility in proposing a solution that fits Belron’s requirements and policies in treasury, procurement and IT,” explains Belron’s Head of Group Finance, Tim Spencer. “Also, we were particularly impressed with IT2’s treasury and hedge accounting capabilities.”
“Belron is a very welcome addition to IT2’s client base,” adds Kevin Grant, Chief Executive Officer of IT2 Treasury Solutions. “Our consultative approach to selling means that we fully understand the client’s requirements, and can therefore propose a solution that effectively guarantees a sustained ‘win-win’ for both parties. At IT2, we are looking forward to a strategic mutually beneficial professional relationship with Belron.”