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Integrity Treasury Solutions signs Provident Financial plc

London, UK – Integrity Treasury Solutions today announced the signing of Provident Financial plc based in Bradford, Yorkshire, UK. Provident Financial plc selected integra-T.com to support the company’s treasury and cash management requirements across its global business activities with strong emphasis on their cash management and liquidity forecasting, risk management and IFRS/IAS39 compliance.

Provident Financial plc is publicly listed on the London Stock Exchange sitting just outside the FTSE 100. An international financial services group specialising in personal credit and motor insurance, they started in Bradford in 1880 by a Victorian philanthropist to provide affordable credit to working class households in industrial West Yorkshire. They have grown to become the UK‘s leading provider of home credit - small, short-term, unsecured, home-collected personal loans and became a public company in 1962. Provident now operate in the UK, Ireland, Poland, the Czech Republic, Hungary and Slovakia serving 2.9 million home credit customers across these markets. In 2003, a new pilot operation was started in Mexico. The motor insurance business specialises in policies for women and drivers of older and second cars with 514,000 customers, whose policies are distributed via 4,000 independent brokers. They are also developing and testing a new credit card product, specifically designed to meet the requirements of people on moderate incomes.

Their strategy is to maintain steady growth in the UK home credit businesses; expand their international home credit operations; increase the range of financial services they offer; and become a leading international provider of simple financial services to their chosen market.

The tasks for their Treasury in Bradford are financing the Group’s, foreign exchange and investment management (money market), cash management, interest rate, credit/counterparty risk management. Comprehensive IFRS/IAS39 functionality was also high on their requirements list. To provide a fully integrated Treasury, Cash & Risk Management System, integra-T.com will be implemented at the Bradford Head Office for use by the central Treasury Team

After reviewing several systems the choice of integra-T.com was based on its ability to deliver the best fit to Provident’s specific requirements and provide flexibility for changes in their funding methods. integra-T.com’s open platform and connectivity with banking software, electronic dealing systems and market data providers and its IAS 39 hedge accounting capabilities were key considerations in the decision.