Wall Street Systems (Wallstreet), the global provider of treasury, trading and settlement solutions and services, today announced that it has been selected as the next-generation treasury solution for PPL Services Corp., a centralized service subsidiary of PPL Corporation (NYSE: PPL).
Wallstreet Suite will enable PPL to manage and integrate their highly complex and sophisticated treasury operations on a single automated platform. PPL sells energy in key U.S. markets, and delivers electricity to customers in Pennsylvania and the United Kingdom.
With over 1.4 million domestic customers, PPL has an extremely large influx of payments to handle. PPL deemed Wallstreet Suite the easiest solution to integrate into their settlement system. A key driver of the selection of Wallstreet was PPL's goal to manage a complex operation on a single, reliable platform with strong reporting and integration tools. With Wallstreet Suite, PPL can automate the management of cash as well as the valuation, and accounting for their debt, FX and investment portfolio, including complex instruments.
"This was a strategic selection that involved an extremely in-depth and rigorous vetting process on the part of PPL," said Mark Lewis, Director, Corporate Treasury, Wall Street Systems. "PPL operate a highly sophisticated Treasury environment. This involves constant risk analysis and benchmarking. Consequently their needs are both precise and exacting. Given PPL's expertise, we are pleased to be selected as the best and most thorough solution in the industry."
Another important driver for the decision is that Wallstreet Suite enables PPL to proactively address the SEC reporting requirement in IFRS tentatively scheduled for 2015. According to the edict, all organizations involved in international operations will need to report in IFRS standards. Wallstreet Suite is able to provide clients with automated, multiple GAAP and IFRS accounting from any single transaction, enabling PPL to meet its future IFRS requirements.
"The simplification of our treasury operations onto one strategic platform gives us complete transparency and control of cash, the ability to manage our interest rate and currency exposures, improve liquidity planning, enhance r regulatory reporting and provide end-to-end coverage of the entire operation," said Linda McDonald, Manager: Financial Settlement and Controls, PPL. "We found Wallstreet capable of supporting our objectives and developed a high degree of confidence in their delivery expertise."