Alba treasury goes for Simcorp's IT/2
Alba, the leading consumer electronics brand company in the UK and Europe, has gone live with SimCorp's IT/2 treasury management system. Advantages of the system, according to the corporate, include better visibility of information, reduced risk and a saving in treasury headcount.
"We now have five major UK companies with many European and Asian trading partners, and that's given rise to increasingly complex foreign currency cash flows," explains Perry Charles, Alba's Group Financial Controller. "We had reached the point where our spreadsheet-based system would soon become a risk - we needed a more robust, purpose-built system, which could be used collaboratively within the company."
Alba's initial use of IT/2 focuses on foreign exchange position keeping, forecasting and trading. "We do three to five thousand FX trades annually, but even these volumes can now be comfortably controlled with just one person and we've been able to redeploy two people to other functions. We're making faster and better decisions, and we're saving time and money as well," he says.
IT/2 was chosen after a long selection process, its ease of use being a major factor in Alba's decision to use it. "IT/2 has a very user-friendly structure.