IT2 Treasury Solutions announces that the Stockholm based Skandia Insurance Company Ltd (publ) has selected the IT2 treasury management system to provide an integrated best practice solution to support its cash, treasury accounting and treasury risk management operations.
Henrik Nordansjö, Skandia's Head of Treasury, explains: 'We selected IT2 because the Skandia team determined that this system offers a comprehensive, complete solution for the complex range of financial management, control and reporting issues that confront an international bank and insurance company treasury such as Skandia's. We are looking forward to working with IT2 and its business partner OpusCapita.'
The Skandia IT2 implementation will provide transparent, workflow based solutions for such diverse treasury functions as in-house banking, cash concentration, continuous linked settlement, cash forecasting, hedge accounting and the management of bond portfolios. A broad approach to reporting and analyzing financial risk exposures will include credit risk management, scenario analysis and VaR derivation. IT2 will operate as a powerful treasury control hub, and will be integrated with several complementary systems and services, including:
• Multibank reporting and payment systems
• Several dealing portals
• Misys Confirmation Matching service
• SimCorp Dimension and internal applications (trade cash flows for liquidity planning in IT2)
• Reuters and Bloomberg market information services.
Additionally, IT2 NET will be used for web based intercommunication between central treasury and Skandia's remote business operations, for deal requests; cash/liquidity forecasting, settlement requests and reporting.
'Securing Skandia's business represents another success for IT2's ambitions in the Nordic region,' comments Kevin Grant, Chief Executive Officer of IT2 Treasury Solutions. 'We are delighted to have been selected as a business partner by such a prestigious organization as Skandia. Our professional relationship with OpusCapita continues to strengthen,' Grant concludes.
'We are equally delighted with the tangible results of our close business relationship wihip with IT2 Treasury Solutions,' adds Kari J. Mäkelä, OpusCapita's Chief Executive Officer. 'We now have several years of demonstrable success in working together with IT2 to deliver top class treasury management solutions in Sweden and Finland.'