BP Extends Its Implementation of The Wall Street System Treasury Engine
BP is using The Wall Street System treasury engine as the common platform for managing its group treasury, cash management, foreign exchange and funding operations worldwide. The vision to create a ‘virtual treasury’ operation began in early 2000. This followed BP’s merger with Amoco in 1998, and acquisitions of ARCO in 1999 and Burmah Castrol in 2000. A key objective was to consolidate the many disparate and highly manual legacy treasury processes and systems being used across the organization. The new group’s finance team – BP Finance – now consists of 200 employees based in London and Chicago as well as Hong Kong and Singapore. All locations now use BP’s virtual treasury – based on The Wall Street System – which went live at the end of 2001.