Every year, the Adam Smith Awards reward those solutions which demonstrate Best Practice and Innovation within the corporate treasury environment. The international competition is tough, and winning an award is proof of success for the winner and the supplier they are working in partnership with. In particular, the judging criteria emphasises the benefits introduced by the solution, such as outstanding cost savings and quantitative improvements in efficiency.
"The success of our customers confirms our view that we are able to offer advanced solutions for the needs of corporations to help them operate profitably. In our product and service development and selection of partners, we have invested in those areas that our customers find important, such as international payment traffic and financial management solutions. Solutions implemented in those areas in particular, now received their reward," states PÃ¤ivi Karesjoki, Regional Director Finland, OpusCapita.
Vaisala, specialising in environmental and industrial measurement, was awarded in the Best SEPA Solution category. In February 2009, Vaisala changed over to using the new European SEPA XML payments in its payment traffic, using the Electronic Banking software supplied by OpusCapita. OpusCapita and Vaisala were forerunners in SEPA: Vaisala was the first business customer of its bank to send SEPA-ready XML payment material in the Web Services communication channel.
"With the help of the solution, we were able to smoothly transfer our electronic banking to European SEPA payment without changing our payment material producing systems. OpusCapita handles the transfer of materials to the bank-approved XML format. We are currently changing ERP systems. OpusCapita's solution ensures that our payments work whichever accounts payable system we use," comments Anna-Maija Laakkonen, Treasury Manager, Vaisala Oyj.
Ramirent machinery and equipment rental company was awarded in the Harnessing the Power of Technology category. OpusCapita delivered its international partner's IT2 Treasury Management solution for the management of financial processes to Ramirent, which operates in 13 countries and with 12 currencies.
"The economic downturn has emphasised the importance of effective financial processes. This system solution has decreased the time used for handling financing transactions and reporting as well as the number of manual work phases, while introducing the Group's financial department to better possibilities to provide protection against risks and manage currency exposure," says Petteri JÃ¤rvinen, Treasury Manager, Ramirent Oyj.
The technology of OpusCapita's British partner, software house IT2 Treasury Solutions Limited, was also successful in another category. Wolseley Plc, the leading supplier of construction products, materials and services, was issued the Best Corporate Debt Solution award for a solution it implemented in cooperation with IT2.
The Treasury Today Adam Smith Awards were presented for the second time this year, and awards were issued in 12 categories.