Avnet will roll out the XRT solution at three sites, starting in Brussels, then moving on to Phoenix, Arizona, and Singapore.
The platform will ensure the full integration of Avnet cash and treasury activities throughout the organisation in order to streamline, secure and automate its financial flows. The highly flexible and open-system architecture will include the most advanced functionalities in terms of cash management, dealing, credit line management, cash pooling, interest payment, in-house banking and bank communication.
"Thanks to their outstanding collaborative work throughout the audit stage, the XRT teams in America and Europe have designed a global architecture and are able to connect regional treasury centres (Brussels, Phoenix, Singapore) to a common system and database. Twenty-five Avnet subsidiaries will now have access to the Treasury platform via the C-Globe$ module in an Intranet environment," said Joseph Burke, Vice President & Treasurer, Avnet Corporate Services Group.
"We were impressed by the high professionalism of all XRT teams. Together with Avnetâs IT team they analysed our existing IT environment and developed a successful migration path from the old systems to an international and global solution with new powerful tools and optimum real time management capabilities. That performance definitely won over our Finance Division, which was fully committed to the success of this project. We already are experiencing the benefits of the new system and anticipate a significant return on investment once fully implemented," added Burke.
Based on the XRT-Globe$ and XRT Pilot 5 Server solutions, the platform offers efficient intra- and extra-group cash & treasury management capabilities, by ensuring transactions tracking, financial risks and hedging follow-up, all using a wide range of financial instruments. Interfaced with SAPâs ERP and other financial systems, the solution will enhance integration between the accounting and treasury systems, as well as allowing access to Bloomberg market data.
The XRT platform will provide every user with robust and reactive operational support. Because of its international set-up, the system will also offer uninterrupted access to financial markets. As it complies with the latest FAS and IAS accounting standards, the system is a strategic tool for Group Management, enabling greater transparency with reporting functions.
"We also chose XRT for its commitment to ensuring their solutions' compliance to new accounting standards, such as FAS and IAS, as well as the full coverage of financial risks they offer," Burke said. "XRT is indeed one of the few current suppliers to offer a standard and well-proven solution, tailored to large accounts and providing many analytical and reporting tools."
"We are delighted by the global scale of this new contract which corresponds perfectly with our large accounts business strategy. XRT can rely on its enormous potential to deliver multi-site, high value-added, international projects," said Alain Fraiberger, Chairman of the XRT Executive Board. "Our European and American teams were able to take advantage of their technological compatibility, offering Avnet an advanced international platform. Furthermore, I am delighted to add this success to our already impressive track record, and I am confident that it will help us to strengthen our international position, in particular in the Asian market."