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 Costcoâs 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 Costcoâs accounting system.
Rue Jenkins, Assistant Treasurer at Costco Wholesale Corporation, explains: âThe Costco implementation will take advantage of IT2âs process mapping facilities to define, document and manage all key domestic and international treasury processes. IT2âs advanced workflow management facilities will enable us to put in place a range of key controls, including our â4-eyesâ 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.â
âCostcoâs selection of IT2 demonstrates the systemâs high level of suitability in support of best practice domestic and international treasury operations,â adds Steve Bullock, IT2âs Senior Vice President, North America. âWe are naturally delighted to add Costco to our rapidly growing client portfolio.â