AssistantTreasurer, based in Atlanta, has relied on Selkirkâs technology and customer support since inception. JMH Treasuryâs selection of Selkirk for its Dublin-based Vtreasurer service was a strategic move. With Selkirkâs technology powering both solutions, JMH Treasury will achieve greater economies of scale by leveraging resources, information and workload between the two treasury centers.
"Selkirk has demonstrated continuous success in delivering innovative solutions and first-class customer service in North America," said Declan Lynch, chief executive officer at Vtreasurer. "With our outsourcing services powered by Selkirk technology, JMH Treasury can now seamlessly serve clients in both the US and Europe." Future plans include scaling this model to include an outsourcing service offering for the Asia Pacific region.
According to a survey conducted by Hewitt Associates, the economic slowdown has made outsourcing even more attractive, with 33% of CFOs saying their interest in outsourcing has grown. Said JMH Treasury president Stephen Gunning, "Bottom-line demands will make treasury outsourcing more commonplace for the majority of large and mid-size enterprises in the next few years."
"Outsourcing is a very attractive proposition in todayâs workplace, where retaining skilled treasury personnel can be extremely challenging," said Selkirkâs chief operating officer Lyndon J. Harvey. "AssistantTreasurer and Vtreasurer combine the treasury expertise of JMH Treasury with Selkirkâs advanced technology, enabling organizations of all sizes and needs to improve treasury management without incurring the costs of staffing a department."
With AssistantTreasurer and Vtreasurer, clients have access to a comprehensive Web-based system for consolidating bank account balances, making wire requests, and confirming trades. Both services automate day-to-day cash operations, treasury dealing and administration; multilateral netting, foreign exchange, hedging and settlement; cash forecast consolidation and planning; and payments, collections and lockbox services. Clients can access, enter, authorize, query and distribute consolidated treasury data in a secure, real-time environment.
"Customers can confidently shift the daily burden of executing transactions, confirming deals and producing reports to a trusted third party, while retaining control of decisions impacting daily cash positions," said Edward C. Gordon, AssistantTreasurerâs chief operating officer. "In addition to saving time, the substantial operational and strategic benefits include reduced risks, improved portfolio management and lower costs."