IT2 Treasury Solutions announces that Hunting PLC has extended its IT2 contractual agreement to include two-way Swift connectivity, as part of its strategic project to extend treasury efficiency via cost effective automation and STP.
Hunting is an established IT2 client, using the system to manage funding, FX hedging, interest rate exposures, cash management and investment and bank relationships.
Hunting's recent treasury automation project determined that using SWIFT for the import of world-wide bank balance and transaction statements, and for the export of payments, was the best available solution for achieving efficient STP connectivity with Hunting's banks. After detailed evaluation, the project team concluded that the most robust implementation would be achieved by using IT2 as the control hub for the integration processes, offering a secure, controlled best practice solution. On the SWIFT side, both Barclays Commercial, their lead cash Management Bank and SMA Financial Ltd., their chosen SWIFT Bureau, are playing a big part in supporting the project.
Christopher Berris, Hunting PLC's Assistant Group Treasurer, explains: "Hunting's objective is to implement a very high level of secure STP in treasury centred on IT2, so that the team can increase their focus on value-added risk management activities. Between ten and twelve manual processes will be cut down to just three, improving control, efficiency and accuracy. We envisage that we will achieve further efficiencies when the implementation is extended to our operating subsidiaries, using IT2 NET."
'SWIFT for corporates' has to date seen a relatively modest adoption rate in the UK. Hunting's decision endorses the value of integrating the treasury management system with SWIFT to provide an optimal solution in the vital area of bank communications, giving enhanced visibility and management of cash and financial risk, plus a range of operational benefits.