The first stage of the delivery involves Tapiola Bank introducing treasury solutions for the management of the most common financial instruments.
The objective is to maximise automation in trading transactions and to provide flexible and timely reporting, including accounting and risk management.
In the second stage in autumn 2010, the system will be expanded to cover more complex instruments, and the treasury system will be integrated with the bank's other data systems such as data storage and accounting.
This system delivery reflects Tapiola Bank's strategy of actively developing its treasury business. The treasury business was launched at the beginning of 2009. Tapiola Bank offers treasury services to its customers and to other companies in the Tapiola Group.
"For Tapiola Bank and its treasury department, a treasury system that delivers excellent risk management features and covers our reporting needs is a key requirement for our business growth. The new solution allows us to enter all the bank's interest, currency and derivative positions in a single system, which enables more flexible risk management. The bank's management is also very happy with a solution that provides more versatile and quicker reporting," says Kim Selin, Treasurer at Tapiola Bank.
Before selecting a system for delivery, Tapiola Bank and Tieto-Tapiola, which is in charge of the information systems for the entire Tapiola Group, studied and analysed the treasury solutions available in the market in detail.
"OpusCapita's ability to provide local support for the system was a determining factor. Opus Capita's cutting-edge IT2 solution features technology that is far superior to other solutions available in the market. Furthermore, it has been a long time since a user interface and usability features have offered anything new, but the IT2 delivers features that significantly ease and enhance the work processes of our treasury staff," explains Kaija Jokiharju, Tapiola Bank's Service Director.
The IT2 solution was developed by OpusCapita's partner, IT2 Treasury Solutions Ltd., which is owned by CapMan Plc. The system is extensively used all over the world for a range of financial agreement and financial instrument processing automation, reporting, risk management and hedge accounting. It also automatically generates the documentation required by auditors. In Finland, IT2 treasury solutions have been delivered to clients such as Ramirent Plc, Huhtamäki Oyj, Tikkurila Oyj and Fiskars Oy.
Tapiola Bank primarily provides services for private customers and small enterprises. The Bank launched operations in 2004 and is owned by the mutual insurance companies in the Tapiola Group.
OpusCapita delivers cash flow automation solutions to banks, businesses and the public sector.