TreasuryOne, an outsourcing company delivering treasury management services to medium-sized and large corporates in South Africa, has partnered with leading African SWIFT service bureau Trustlink to deliver an automated confirmation matching service to customers. TreasuryOne's IT2 treasury management system will now be making use of Trustlink's Single Bank Identifier Code (BIC) solution, which provides a simple, cost-effective connection for TreasuryOne into the global SWIFT network.
TreasuryOne's IT2 solution provides corporates with a consolidated view of all treasury-related functions and market risks, including foreign exchange, liquidity planning, forecasting, investment management, integrated cash flow, commodity prices, interest rates and more. All transactional services within this system require a bank on either side to originate and fulfil transactions, as well as a means of communicating these transactions between parties. Previously, TreasuryOne was using a manual system, where its bankers would capture transactions and fax or e-mail these to the broker on the bank side. The deal would then have to be confirmed and sent back again via fax or e-mail. Trustlink's SWIFT BIC service automates this process for improved efficiency and risk management.
"This manual process is prone to human error, which poses a financial risk. By accessing the SWIFT network directly with our BIC, TreasuryOne is now able to use straight-through processing (STP) to electronically generate these transactional messages from IT2, send them to the bank brokers, and receive confirmation back through the same system. This confirmation is then automatically matched to their own system, which helps to mitigate risk and ensures that the thousands of transactions processed by TreasuryOne on a monthly basis are completed accurately and timeously," says Sean Ascott-Evans, Product Manager at Trustlink.
The Trustlink BIC solution not only enables TreasuryOne to drive down the risk associated with manual processing, but also enables the company to offer its customers direct access to SWIFT in a reliable, cost-effective manner. This opens up new services to customers, as well as facilitates better service delivery, and acts as a competitive differentiator for TreasuryOne.
"The decision to work with Trustlink to deliver this solution was a simple one, as they have a unique offering in Africa with their SWIFT BIC. This, along with our long-standing relationship with Trustlink, their excellent reputation and track record and our complementary solutions offering, delivered a winning combination," says Hennie de Klerk, CEO of Treasury One.
"Linking into the Trustlink BIC has enabled us to take our treasury management solution to the next level, offering a complete, world-class service to our customers. We are able to offer technology that very few treasury houses in South Africa provide, and through this merger of technologies, we are able to offer our customers additional services. The solution enables us to manage processes electronically and connect to all banks globally through a single standard on a single network. It can also be expanded to add payments, bank statements and more for greater value and enhanced functionality," he adds.
TreasuryOne's IT2 solution went live on the Trustlink SWIFT BIC in September 2012. TreasuryOne is currently providing automated confirmation matching services to a number of high-profile customers, including Business Connexion, Dawn, Impala Platinum, Aquarius Platinum and the Super Group Trading (Mauritius).
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