Universal Music, a subsidiary of the Vivendi Universal group, is the world's largest music company, with revenue of 6.61 billion euros. Operating in over sixty countries, Universal Music employs 12,000 people around the world and holds a 35% market share in France.
Universal Music France has chosen XRT to centralize all aspects of its treasury and provide its subsidiaries with a real-time access through a secure intranet structure. The Collaborative Treasury Management solution is interoperable with the information system it complements. Universal Music France can use the deployed solutions to automatically reconcile and generate the vast majority of its accounting entries. The electronic payment signature modules, due to be implemented at the end of the year, will generate huge administrative savings over paper-based methods.
"We were looking for a cash flow management solution that would match our own internal IT architecture. With the music industry and cultural products currently undergoing restructuring and development (Internet), it was vital that Universal implement a secure but flexible system, able to keep up with market changes," explains Dominique Latrilhe, Treasury Manager at Universal Music France.
Jean Beaufort, XRT General Manager for Southern Europe, the Middle East and Africa adds : "Our Collaborative Treasury Management solution is perfectly suited to the strategies of multi-national corporations: centralization and dematerialization of processes (e-signature, e-payment, e-banking, etc.). XRT was able to offer the Universal Music Group a customized approach with high added value."
XRT's major accounts division designed and implemented the new intranet architecture, which is based on centralization and security. The available functionalities cover all treasury requirements, such as financing and investment management, cash management and payments.
This system offers added value both inside and outside the company. Within the company, it provides access to information in real time, increased productivity and automatic reconciliation. Externally, it offers supplier settlement tracking, secure methods of payment (in compliance with Etebac 5/EDI 5 standards), minimized treasury contingencies, integration with the accounting system, etc...
The XRT Collaborative Treasury Management intranet uses Citrix-Metaframe technology and is interoperable with JDEdwards accounting applications.