E.ON Upgrades Corporate Treasury with Wall Street Systems
E.ON, the German utility, has gone live with Wallstreet Suite version 7 a month earlier than planned and under budget. With annual sales of just under €87bn and 93,500 employees, E.ON is one of the world’s largest investor-owned power and gas companies.
E.ON has been a client of Wallstreet since 2003. The upgrade covers all E.ON subsidiaries and enables E.ON to take advantage of the numerous enhancements and improvements provided with version 7. By using Wallstreet Suite’s cash management functionality, E.ON will be able to manage its risk and liquidity planning in a single application.
Torsten Spieker, vice president, E.ON, said: “We are delighted with the improvements Wallstreet Suite brings to our cash and liquidity management, as well as our risk management processes. We no longer have the duplication of cash reconciliation in the front office, and book reconciliation in the back office – we now have a single reconciliation process as bank statements are imported and reconciled by the back office. This enables more timely and efficient management of both cash and liquidity positions. With over 80 of our European entities’ accounts in our in-house banking setup, further efficiencies are expected as we embark on routing all intercompany payments internally via the Wallstreet Suite solution.”