Novelis Inc. (NYSE: NVL; TSX) - the global leader in aluminium rolled products - is the latest multinational to choose XRT Globe$ as its corporate cash, treasury and risk management platform. Formed in January 2005 as a spin-off from Alcan Inc (NYSE, TSX: AL), Novelis is a ubiquitous presence in commercial and consumer markets. Its products are in everyday use all over the world in everything from soft drink cans and cars to printing machinery and computers. Novelis is also the world’s largest recycler of aluminium beverage cans.

Rather than continue using Alcan’s legacy treasury system, Novelis will use XRT Globe$ to build a centralised, integrated treasury from the ground up. Located on the (sunniest) lake bank of Zürich, the treasury department will provide in-house banking, accounting and risk management facilities for all Novelis’s 21 European plants. With the help of consultancy firm, Accenture, Novelis decided on XRT Globe$ after a head-to-head comparison with another leading treasury system.

Commenting on the selection of the XRT solution, Mr Friedrich Floto, Head of the European Treasury at Novelis, said: "With XRT Globe$ we have a solution that matches our business and technical requirements at an extremely cost-effective price. Crucially, XRT Globe$ can be implemented quickly, which is essential as, unlike most ‘new’ companies, we’re setting up new operational processes at the same time as dealing with existing business and customer commitments."

On completion of the staged implementation process in late 2005, Novelis will benefit from a pan-European financial structure that has a centralised treasury and in-house bank based in Zürich at its core. A comprehensive range of facilities will include front-to-back dealing, hedge accounting and integration to Electronic Fund Transfer systems, online trading systems such as 360T and market feeds like Reuters 3000, as well as the company’s existing SAP ERP (Enterprise Resource Planning) system.

Mr Floto continued: We were also convinced that XRT would provide consistently high-quality and reliable support across all areas of the project, from Junior Consultants inputting deals to the Senior Project Managers who will support our FAS/IAS39 compliance project

With a specialist XRT team in support Novelis has already begun work on the first stage of the implementation process - establishing a centralised treasury and in-house banking facility in Zurich. A customised Internet module will support enhanced interoperability between Zurich and the company’s European subsidiaries. In addition, the company’s ability to make decisions on critical issues such as risk, cash, liquidity and investment planning will benefit from the real-time availability of regional financial data, which the subsidiaries will input via XRT c-Globe$.

Novelis is already making plans for the future in which XRT could play a significant role. Top of the development agenda is an innovative working Capital solution to optimize the customer receivables collect process, identify most profitable clients, manage clients’ credit limit throughout the Novelis group and minimize the potentially costly impact of key Collect indices such as the DSO.

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