The IT2 TMS is Chosen by DOF Subsea

19 October 2010

IT2 Treasury Solutions Limited announces that DOF Subsea AS has selected IT2 for treasury management operations based in Bergen, Norway.

IT2 will be used across the global treasury operation to support Cash & Liquidity Management, Cash Forecasting, FX and Interest Hedge & Risk Management, Internal and External Debt Management, Treasury Accounting and Guarantee Management. The IT2 web portal IT2 NET will be deployed to support internal and external FX and debt management, cash forecasting and reporting. IT2 will interface with Nordea Bank’s and DnBNOR’s service for bank statements, Agresso for accounting and AP/AR, Shipnet for AP/AR and Reuters for market data. IT2 will be used by both DOF Subsea AS and DOF ASA.

“We conducted an exacting system selection process,” explains Helge Syrstad, Group Treasury Manager. “IT2 was the clear winner, because of its superior functionality, user interface, process mapping and reporting facilities. IT2’s strong referencing in the Nordic region was another factor that influenced the treasury team’s decision.”

IT2 will help DOF Subsea and its parent to eliminate the inefficient and error-prone data entry duplications of the current spreadsheet based system with an efficient, transparent solution based on IT2’s powerful workflow management facilities. IT2 will address transfer pricing requirements and will provide a stable, flexible platform to secure future growth in volume and complexity.

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