easyJet Selects City Financials' Treasury System
easyJet has signed up to the application service provider (ASP) hosting solution of treasury system eTC from City Financials for its treasury operations. The system will be hosted by City Financials and used at easyJet’s head office at London Luton airport. easyJet selected City Financials due to the flexibility of eTC and the ability of City Financials to work within easyJet’s timeframes.
The low-cost airline will use eTC to provide secure primary control over dealing activity, recording and matching for foreign exchange (FX), money markets (MM), fuel, loan and lease payments, as well as providing accounting output under IAS39 rules. By capturing all of the loans and leases within eTC, and using the flexible user-defined analysis codes, easyJet will be able to identify the financing of the entire aircraft fleet and report this by individual aircraft or types of aircraft.
Paul Phillips, group treasurer of easyJet, said: “As always we followed a rigorous selection process as we do with any new supplier. It quickly became apparent that City Financials was best placed to meet easyJet’s needs and was able to offer a robust hosted solution.”