28 Oct 2008
Mazda Motor Logistics Europe (MLE), the European logistics and financial services subsidiary of Mazda Motor Corporation, has selected Wall Street Systems to centralise its treasury processes, improve cash visibility and develop efficient forecasting capabilities. The firm is implementing Wallstreet Treasury ASP (application service provider) solution at its central treasury in Belgium in a two-stage project.
According to the company, the benefits of the Wallstreet Treasury ASP solution include a lower total cost of ownership (typically by 30% to 40%) with no hardware or software costs and limited IT support requirements, global accessibility, advanced security and strong disaster recovery services.
"We selected Wallstreet because of its understanding of our needs, the functionality of Wallstreet Treasury ASP and its ability to show quantifiable and significant value to the business," said José Jimenez, European treasury manager, MLE. "We benefit from best practice treasury practices and external help to improve treasury productivity. The ASP model means that upgrades are managed and rolled out by Wallstreet, while data hosting is Sarbanes-Oxley (SOX) compliant."
This follows on from the recent announcement that Wallstreet has launched its treasury software as a software as a service (SaaS) model at a fixed monthly subscription.
Aimed at the mid-sized corporate market, the core Wallstreet Treasury service costs US$800 per user per month, giving mid-tier corporate users access to best practice functionality at a competitive rate. Test marketed this year in the US from March, over 90% of new clients have chosen to subscribe to the service, instead of purchasing and running it in-house. Wallstreet clients that have selected the subscription service include National Express Group, adidas, Mazda and Six Continents.
Under this new model, clients will be able to add to the core Wallstreet Treasury solution by choosing options from Wallstreet's integrated partner network, therefore only paying for the services they need for each user while ensuring all aspects of their treasury requirements are met through one supplier. Partners available at launch are:
•Fides Treasury Services, developed by Credit Suisse as an alternative to traditional bank interfaces and workstations, providing off-the-shelf connectivity to more than 850 banks and allowing integrated payment and statement services.
•Speranza Systems, which enables automated, real-time bank relationship management, providing full transparency of signing privileges and accounts, as well as electronic document exchange.
•Reval, which provides multi-asset hedge accounting solutions.
Wallstreet will be adding to its partner network over time, linking with complementary treasury solutions providers to offer a full 'treasurer's desktop' to its clients.
Paul Wheeler, managing director of Wallstreet Treasury at Wall Street Systems, told gtnews: "There are many barriers for mid-sized corporates when embarking on treasury transformations, particularly the prohibitive costs of IT whether in implementation or upkeep. The ASP delivery model means that clients can access these services and pay for what they use. In today's economic climate, we believe that there will be an accelerated adoption of the hosted service model."
Wallstreet also offers a 'try before you buy' concept, where corporates can implement the solution for a month before finalising the contract. Wheeler explains that the knowledge gained through the month trial is grandfathered into the implementation process. "The trial period drives discovery early - the corporate can see how the solution fits into their system and processes and it also means they can give feedback to us," said Wheeler.
First published on www.gtnews.com
- Joy Macknight
- I am deputy editor at The Banker, a Financial Times publication. I joined the magazine in August 2015 as transaction banking and technology editor, which remain the beats I cover. Previously I was features editor at Profit & Loss, an FX and derivatives publication and events company. Before that I was editorial director of Treasury Today following a period as editor of gtnews.com. I also worked on Banking Technology, Computer Weekly, and IBM Computer Today. I have a BSc from the University of Victoria, Canada.