Wall Street Systems (Wallstreet), the global provider of treasury, trading and settlement solutions and services, has been selected to implement a treasury solution for one of the world's leading insurance groups - Royal & Sun Alliance (RSA), after a competitive pitch.
Wallstreet will deploy the hosted City Financials solution to empower RSA's treasury in their cash management, foreign exchange, and treasury risk management activities.
RSA operates a relatively decentralised treasury structure, a common feature of most general insurers, and the purchase of a new treasury management system will be the catalyst to centralise the information flow around treasury activities.
RSA chose Wallstreet's hosted City Financials solution because it enables it to manage a complex operation on a single, reliable platform with strong reporting and integration tools. The implementation will enable RSA to move from a largely manual to an automated process across its global treasury operation, which will deliver significant efficiency benefits, improving straight-through-processing, and empowering RSA's risk management.
Critically, Wallstreet's City Financials solution moves RSA on to a system that both simplifies and expands its treasury capabilities and prepares RSA for future developments in treasury management technology and standards.
Daniel Ferguson, Treasury Manager, RSA commented: "We are excited to be working with Wallstreet and impressed with the flexibility of the City Financials platform."
Paul Wheeler, Managing Director, Corporate Treasury at Wall Street Systems commented: "This is our fifteenth client win since our acquisition of City Financials and we are delighted to be working with another market leading company in RSA. Our solution will provide RSA with complete transparency and control of cash management. Our clients are increasingly looking for software-as-a-service (SaaS) solutions, like our City Financials solution, due to the speed of implementation, low IT overheads, and the lower total cost of ownership."