easyJet Replaces Treasury System with City Financials
easyJet, Europe’s low-fares airline, has gone live on eTC, the treasury system from City Financials. The system is hosted by City Financials within its datacentre and used at easyJet’s head office at London Luton airport. The project was completed on time and within budget constraints.
easyJet uses 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, together with the benefits of being able to analyse treasury data quickly and effectively with one central system. By capturing all of the loans and leases within eTC, and using the flexible user-defined analysis codes, easyJet can easily identify the financing of the entire aircraft fleet and report this by individual aircraft or types of aircraft. easyJet also stores full details of carbon-offset trading activity, tracking the units purchased and expended within the system framework.
Paul Phillips, group treasurer of easyJet, said: “We undertook a rigorous RFP process and eTC quickly emerged as the favoured provider. The ability to cover our active jet fuel hedging programme, provide IAS39 accounting and to provide a robust outsourced facility were the major determinants. We are very pleased to have gone live for the start of our new financial year and in such a short timeframe.”