Chemtura is using IT2 to deliver standardized best practices across their global treasury operations, serving treasury and accounting professionals in both U.S. and international centers of excellence. The primary benefit which Chemtura is now achieving is the real time accessibility and visibility of the corporationâs financial risk and daily cash positions. In the new environment, Chemtura treasury takes advantage of IT2âs secure treasury processing facilities to streamline, control, document and secure daily operations, and to provide enhanced management reporting on key risk areas such as liquidity and the analysis of metrics. In the near future Chemtura will also use IT2âs hedge accounting module to assist in its compliance with FAS 133 requirements, including prospective and retrospective effectiveness testing, and the automatic generation of accounting journals that are exported to SAP.
Stephen Forsyth, Executive Vice President and Chief Financial Officer at Chemtura, explains: âIT2 is now helping our efforts to build âbest-in-classâ treasury operations that evolve to meet future needs. I am pleased with the way that the Chemtura and IT2 teams have worked closely together to deliver a high quality implementation and the quality of technical support provided by IT2. The higher levels of control, automation and dependability which we are now achieving enable the team to focus on more strategic, forward-looking thinking.â
âChemtura have worked most effectively to maximize the value they are achieving from their investment in IT2,â add Steve Bullock, IT2 Treasury Solutionsâ Senior Vice President and Regional General Manager, North America. âThey have deployed IT2 to achieve a step change in the quality of daily treasury operations â and also as a platform to help realize their strategic vision for treasury.â
At Chemtura, IT2 has replaced an in-house system. The second phase of Chemturaâs IT2 project is now in progress; it involves the deployment of IT2 NET to Chemturaâs world-wide network of subsidiaries, primarily for the 24/7 communication of cash forecasts and requests for funds.