Richmond Software Limited today announced the conclusion of an agreement to deliver an ASP based cash and treasury management solution to Spectris plc.
Spectrisâs system selection project was driven by the need to upgrade treasury technology with a more robust and powerful solution, in response to strong corporate growth and increasing demands for enhanced treasury control and transparency. Spectris chose the Richmond Software Odyssey system, delivered via Richmondâs award winning ASP platform, which offers Spectris the additional efficiency and operational risk benefits that may be achieved through treasury technology outsourcing. Spectris is planning a phased implementation that will address the following key topics:
â¢ Global bank account management, with zero balancing support;
â¢ Currency hedging;
â¢ Money market investing and funding;
â¢ IAS39 compliance;
â¢ Multilateral netting;
â¢ Interconnection via the web of more than 100 remote subsidiaries, for cash forecasting and multilateral netting purposes.
In the future, Spectris may use Odyssey as a platform to build further in-house banking facilities, and for more sophisticated risk management. David Eames, the Spectris Group Treasurer, comments: "Following a rigorous selection process we have chosen Richmondâs Odyssey software and their ASP offering as the best solution for us. We look forward to implementing the new system and working with Richmond in the future to support our subsidiaries on a worldwide basis."
Kevin Grant, Richmond Softwareâs Director of Business Development, adds: "Spectris is representative of the new wave of companies that are now coming to the treasury systems marketplace to improve the ways in which they identify and control cash and market risk. We are naturally pleased to have been selected as their partner in this venture."