Consolidated Edison Company of New York Inc. has implemented the IT2 TMS (Treasury Management Solution) to provide a common platform for cash, treasury and financial risk management. The IT2 solution is now in live operation, and is fully integrated with complementary systems and services. ERP integration will take place at a future stage.
Frank D’Amadeo, Consolidated Edison’s Director of Treasury Operations, explains: “Con Edison selected IT2 to optimize our treasury operations, which are primarily focused on cash management. IT2 provides treasury with secure and transparent workflows that enhance the quality of corporate governance and controls, and which fully support internal auditing requirements. IT2’s broad role in treasury extends to prior and current day cash positioning and the import and export of instructions and wires, and to achieving new efficiencies in cash pooling, intercompany operations and investment management for money market fund deposits, CDs and Treasury Bills. IT2 also addresses trade finance, short and long term funding, interest rate risk management and cash and hedge accounting. We are pleased to have established a mutually productive professional relationship with IT2 Treasury Solutions.”
The IT2 cash management function uploads bank balance and transaction reports through integration with Microsoft BizTalk, Con Edison’s business middleware. IT2 is further integrated with Con Edison’s commercial paper and bond programs’ issuing and paying agents’ systems, the Bloomberg market data service, several on-line trading platforms, and the Bank of New York Mellon and JPMorgan Chase wire payment management systems, to provide an efficient end-to-end STP (Straight Through Processing) workflow.
