Man Financialâs use of IT/2 focuses on the processing of cash. "At a time when the company was experiencing rapid growth, handling considerably higher volumes of transactions in a controlled fashion was becoming more challenging," observes Director of Treasury, John Wilson. When he assumed responsibility for Treasury in early 2004, Wilson inherited a highly manually-intensive operation, which has now been streamlined considerably: "Having integrated IT/2 with upstream and downstream systems, processing times for the thousands of transactions we have every day have been reduced dramatically," he says.
Key to the success enjoyed is extensive use of SWIFT messaging functionality in IT/2, which was upgraded during the implementation project. As Mr. Wilson points out this has led to a further tangible benefit: "In SWIFT enabling IT/2 and replacing proprietary bank terminals previously used, Man Financial has been able to actively consider the simultaneous use of a broader range of banks. This has given us access to cheaper banking services."
Introduction of the new SWIFT capability in IT/2 was a collaborative effort between SimCorp and Man Financial. All cash instructions are now issued via SWIFT with positive echoes of despatch sent to upstream systems; banks provide real-time SWIFT advices of activity on accounts, which are imported into IT/2 for real-time reconciliation; and IT/2 provides a real-time liquidity forecast over user-defined time horizons for bank and cash book positions. "The 3 month implementation was reasonably painless, using just one internal business resource and a part-time resource from SimCorp," says Wilson, who has found the supplier to be a willing partner: "Our experience of SimCorp is one of very responsive support and rapid development turnaround."
The decision to use IT/2 rather than other offerings available was quite straightforward. "After brief scrutiny of products in the Corporate Treasury space, we rapidly concluded that IT/2 is a functionally-rich product offered at much lower cost, thereby making our selection easy," comments Wilson. "The breadth of instruments and facilities incorporated into the product is impressive, and furthermore, the product is compatible with our internal development environment, which is Microsoft-biased."