International travel operator Thomas Cook has selected Globe$ from treasury solutions supplier XRT, in a move to improve its treasury cash and risk management.
XRT Globe$ will form a critical element of Thomas Cook's treasury infrastructure, and will replace a number of existing systems throughout the business, seamlessly connecting local offices to Thomas Cook headquarters. By implementing XRT Globe$, Thomas Cook aims to secure corporate liquidity and improve forecasting, minimise the negative impact of financial risk and optimise its corporate financing structure.
The need for a clearer view of its cash position and improved forecasting is central to the company's decision to implement XRT Globe$. As Heiko Gerhard Ries, head of group cash management at Thomas Cook, explains: "One of the main objectives of any corporate treasury is to secure corporate liquidity, and to ensure that sufficient funds are available for all payment transactions. With operations in so many locations, it is imperative that we have a very clear view of our financial position at all times, both to ensure short-term liquidity and for longer term planning and forecasting. Maximising our ability to manage risk - especially currency and interest rate risk, is also extremely important."