IT2 Treasury Solutions has announced that the Dow Corning Corporation of Midland, Michigan, has selected the IT2 treasury management system to support their cash, treasury and financial risk management operations.
IT2 will support the activities of the treasury department in the U.S. and overseas. The system solution will address Dow Corning treasurys central business issues, including cash and liquidity management (with cash forecasting), financial asset investments, STP settlement and payments processing, in-house banking, multilateral netting, FX hedging, financing and funding.
The IT2 solution will also support leasing, trade finance via L/Cs and guarantees, treasury accounting and hedge accounting, with an interface to the SAP General Ledger, and support for FAS 133 Hedge Accounting and FAS 157 Fair Value Measurements.
The system will generate the required operational and management reporting, and will provide the necessary SOX controls and documentation.
Dow Corning operates a sophisticated and diverse treasury operation, adds Steve Bullock, says IT2s Senior Vice President and Regional General Manager. IT2 will provide a secure STP environment that will help the team to focus on their professional priorities, in compliance with internal and external policy and regulatory requirements.