Wall Street Systems, the leading provider of global treasury, trading and settlement solutions and services, today announced that DaimlerChrysler has implemented the latest version of the Wallstreet Suite. This deployment is an integral part of a project to improve the efficiencies, transparency and standardisation of DaimlerChrysler's entire treasury operation.
Previously DaimlerChrysler relied on a variety of systems to carry out internal and external cash management. Due to the lack of integration between these systems, accessing required information and reporting often proved time consuming. A bid to overcome these challenges led DaimlerChrysler to choose Wall Street Systems as its treasury and cash management system provider after a rigorous selection process.
Wallstreet Suite Treasury and Risk Management Module, as well as the Cash Management Module and Accounting Module were successfully implemented at DaimlerChrysler's headquarters in Stuttgart, Germany. The final installation completes the programme to replace several legacy systems and gives DaimlerChrysler advanced and integrated functionality.
As a result, the entire treasury process flow ranging from cash management, exposure management and forecasting, hedging transactions, confirmations, settlements (including SWIFT), treasury related accounting (including hedge accounting) to financial risk reporting is integrated in one system-platform. 450 subsidiaries are capturing their treasury data web-based in one centralized treasury-database.
"No other provider could deliver this level of integration within the same platform," said Kurt Schaefer, Vice President for Treasury Risk Management at DaimlerChrysler. "Wallstreet Suite adapts and scales to altering internal processes as well as ever-changing financial markets - improving our ability to adjust and respond quickly. This is vital for an organisation of our size and we are now reaping the benefits of improved processes, greater efficiency and an improved ability to comply with regulatory requirements."
By standardising treasury processes and ensuring all treasury related financial transactions are captured in the Wallstreet Suite database, DaimlerChrysler is better placed to meet the regulatory demands of all the countries in which it operates, including the Sarbanes-Oxley Act.
"DaimlerChrysler's commitment to continuously improving its treasury operations should be applauded, so we're delighted to help it achieve best practice," said Joel Mandelbaum, president and CEO of Wall Street Systems. "By opting for our integrated system and taking part in this pilot project, DaimlerChrysler has ensured that its specific business needs will be met. The company will quickly see significant advantages that include better access to information, quicker reporting and improved accuracy."