The implementation of XRT Enterprise Suite will integrate CIGNAâs treasury operations throughout the organization. The overall goal is to create what is known as a 'self service model' where each CIGNA field office will be able to operate as an extension of central treasury without compromising the security and control of financial flows throughout the organization. XRT Solution will facilitate the remote on-line input and approval of EFT (Electronic Funds Transfer) requests creating a straight through process between CIGNA, its banks, the new treasury management system and its corporate general ledger. Additionally, the new environment will provide an on-line view of acknowledgments, and transaction reference numbers along with views of account balances and activity. Remote locations will also have the capability to perform ad-hoc reporting, thus resulting in an environment of decentralized execution with centralized control.
David Porcello, Vice President and Assistant Treasurer, CIGNA, said, "The relationship with XRT is an important part of our ongoing strategy to streamline financial processes and to leverage the savings and benefits of our delivery model. Based on our analysis of XRTâs product functionality, innovative vision and commitment to CIGNAâs needs, we are excited to partner with XRT."
Of particular importance to CIGNA was the architecture of XRTâs Enterprise Suite Solution that will support a planned phased deployment. CIGNA expects to increase their effective forecasting horizon, replace several in house applications and increase information flows to its internal customers.
According to Glen Solimine, Vice President of Sales for XRT subsidiary in USA, "The team at CIGNA performed extensive due diligence on both technology and functionality. They have a clear vision of how they want their new system to operate and XRT was able to match their functional and technological requirements. We believe our technology and collaborative approach will continue to be important to the long term success of this project."