Scotiabank and Selkirk Financial Technologies today announced the launch of a pilot program offering customers an integrated web-based toolset. Powered by Selkirk, Treasury Anywhere(R) helps treasuries manage their liquidity, including cash positioning and forecasting by combining the best of traditional treasury workstations without any upfront investment in software.
With tighter regulations and the constant push for productivity, today's treasuries face mounting complexities that spreadsheets cannot adequately support. Spreadsheets still require manual data entry, re-keying and considerable time to assemble a cash position and project cash needs. Treasury Anywhere automatically tracks, reports, and manages a comprehensive cash position in one consolidated database. It can capture vital data from multiple financial institutions and seamlessly assembles the cash position and forecast, giving treasuries a holistic view to make sound financial decisions. Scotiabank is virtually eliminating the burden on customers of manual treasury activities, all without upfront capital costs.
"Our vision was to not only effectively handle our customers' transactions but to provide them with a best practices tool to shift more of their focus to strategic analysis. We wanted to quickly automate our customers' time-consuming tasks, so we partnered with Selkirk to bring forward proven web-based technology," said Mark Boot, Vice President of Scotiabank's Product Development.
"Over 200 large and mid-sized companies already rely on Selkirk's proven functionality for treasury management. The fit between Scotiabank's vision and Selkirk's experience produces an easy-to-use service for Scotiabank's customers that will lift limitations and unnecessary risk imposed on treasuries across the country," says Jim Suttie, Selkirk Financial Technologies' President and CEO.