IT/2 NET allows treasury personnel in subsidiary operations to access central treasury information directly, in real time. "We act as an internal bank for our subsidiaries, but we no longer have to push treasury data out to them; instead, they just pull up the information they need as and when required at any time of day," explains Ron Wessels, Maxxium Worldwideâs treasury operations manager. "This goes beyond simple reporting â we can even do IAS 39 accounting and compliance reporting for them if they do not have such capabilities themselves", he adds.
IT/2 NET is also used by Maxxium Worldwide for two-way communication. "Our business distributes products from the Edrington Group, Jim Beam Brands, Remy-Cointreau and the V&S Group, and we make monthly consolidated payments to each. IT/2 NET allows us to receive payment requests from subsidiaries directly into our central treasury, where we do the accounting and internal bank transfers, and then make a relatively small number of larger payments to our four suppliers. The process saves us time and the reduced number of payments saves us money."
The implementation of IT/2 NET took one month, and Mr. Wessels is pleased with the results: "It is an easy tool to use for communicating treasury information with our subsidiaries worldwide. We like it and they like it."