DOF Subsea Chooses IT2 TMS
DOF Subsea has selected IT2 for treasury management operations based in Bergen, Norway. IT2 treasury management system (TMS) will be used across the global treasury operation to support cash and liquidity management, cash forecasting, foreign exchange (FX) and interest hedge and risk management, internal and external debt management, treasury accounting and guarantee management.
The IT2 web portal IT2 NET will be deployed to support internal and external FX and debt management, cash forecasting and reporting. IT2 will interface with Nordea Bank’s and DnBNOR’s service for bank statements, Agresso for accounting and accounts payable (A/P)/accounts receivable (A/R), Shipnet for A/P and A/R, and Reuters for market data. Both DOF Subsea AS and DOF ASA will use IT2.
“We conducted an exacting system selection process,” said Helge Syrstad, group treasury manager. “IT2 was the clear winner, because of its superior functionality, user interface, process mapping and reporting facilities. IT2’s strong referencing in the Nordic region was another factor that influenced the treasury team’s decision.”
IT2 will help DOF Subsea and its parent to eliminate the inefficient and error-prone data entry duplications of the current spreadsheet based system with an efficient, transparent solution based on IT2’s powerful workflow management facilities. IT2 will address transfer pricing requirements and will provide a stable, flexible platform to secure future growth in volume and complexity.