Costco Wholesale Corporation Selects IT2

London - 1 December 2009

IT2 Treasury Solutions Inc. announces that Costco Wholesale Corporation has selected the IT2 treasury management system to support their global treasury management operations based at their Issaquah, WA headquarters in the USA.

Costco selected IT2 to provide an integrated treasury management solution that will enhance control and transparency and the quality of management reporting. The IT2 solution will provide global visibility of cash and exposures. The US domestic cash management solution will provide access to prior and current day balance information from Costco’s network of banks. The system will additionally manage debt and money market fund investment operations, and also treasury accounting, using the integral IT2 Nominal Ledger module. For cash accounting, IT2 will generate over 500 journals per day, which will be exported to Costco’s accounting system.

Rue Jenkins, Assistant Treasurer at Costco Wholesale Corporation, explains: ‘The Costco implementation will take advantage of IT2’s process mapping facilities to define, document and manage all key domestic and international treasury processes. IT2’s advanced workflow management facilities will enable us to put in place a range of key controls, including our ‘4-eyes’ treasury policy that requires secondary verification of all changes to static data and business logic, so that a secure, compliant and well-documented solution will be implemented.’

‘Costco’s selection of IT2 demonstrates the system’s high level of suitability in support of best practice domestic and international treasury operations,’ adds Steve Bullock, IT2’s Senior Vice President, North America. ‘We are naturally delighted to add Costco to our rapidly growing client portfolio.’

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