City Financials signs easyJet, Europe’s leading low-fares airline

11 August 2009

easyJet have signed up to the ASP hosting solution of the leading treasury system eTC from City Financials for its treasury operations. The system will be hosted by City Financials and used at easyJet’s head office at London Luton airport.

By choosing to use an ASP delivery method easyJet receive the benefit of eTC’s power, significant flexibility and ease of use without the overhead of infrastructure costs.

easyJet will use eTC to provide secure primary control over dealing activity, recording and matching for FX, MM, Fuel, loan and lease payments as well as providing accounting output under IAS39 rules, together with the benefits of being able to analyse treasury data quickly and effectively with one central system. By capturing all of the loans and leases within eTC, and using the flexible user-defined analysis codes, easyJet will easily be able to identify the financing of the entire aircraft fleet and report this by individual aircraft or types of aircraft.

easyJet selected City Financials following a rigorous RFI and RFP process, and subsequent workshops. City Financials was selected due to the flexibility of eTC, and the ability of City Financials to work within easyJet’s timeframes.

easyJet is a pan-European low-fares scheduled airline and the largest airline in the UK, operating 175 aircraft on 437 routes to 111 airports in 28 countries across Europe and North Africa. In the last 12 months, easyJet carried over 44 million passengers.

The airline launched in 1995 and has consistently grown during this time and is a leading innovator in the aviation industry and in online business development.

easyJet, is listed on the London Stock Exchange (LSE: EZJ) and employs over 6500 employees and is a constituent of the FTSE 250 Index.

Paul Phillips, Group Treasurer of easyJet commented “As always we followed a rigorous selection process as we do with any new supplier. It quickly became apparent that City Financials was best placed to meet easyJet’s needs and was able to offer a robust hosted solution”.

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