Coty Selects IT2 TMS
Coty has selected IT2 treasury management system (TMS) to provide a best practice solution for its cash, treasury risk management and hedge accounting requirements. IT2 will support Coty’s global treasury operation, which is split into two locations, New York and Haarlem in the Netherlands.
The Netherlands organisation is responsible for all treasury related matters outside the US, including in-house banking, world-wide hedging, intercompany netting, borrowing and lending and cash flow forecasting; the US treasury operation is responsible for US domestic cash management, and for managing the corporate debt portfolio.
Rudmer Wedzinga, Coty’s international treasurer, said: “Coty decided to replace ageing technology with a solution that would satisfy a full range of international treasury management requirements, enabling us to improve cash management and payment processing efficiency. We chose IT2 because of its unique workflow management and reporting tools, which facilitate the delivery of a reliable, powerful and flexible solution. IT2 will liberate our global treasury team to concentrate on strategic issues, management functions and local business support. Coty’s evaluation process confirmed IT2’s market-leading position as an innovative, expert author of treasury technology solutions, with a first class track record for delivering excellent service to its clients.”
The IT2 implementation at Coty is underway, and the first phase is scheduled to complete late in the third quarter of 2011. The solution will eliminate the inefficiencies and errors caused by multiple re-entries of data, and will deliver efficient and intuitive straight through processing via IT2’s transparent workflow management facilities, with strong internal controls, segregation of duties and audit features on a single integrated platform.