Pennon Group implements titanTreasury

About Pennon Group

Pennon Group plc is one of the UK’s largest environmental infrastructure groups in the UK, who have assets of around £6.2 billion and a workforce of around 5,000 people. Pennon Group consists of South West Water, including Bournemouth Water and Viridor Limited. Pennon Group plc is a British utility and waste management company based in Exeter and is listed in the FTSE 250 index.

The Challenge

Pennon Group reviewed its existing legacy Treasury Management System (TMS) against the current market leading offerings looking for a TMS that provides them with the necessary tools to streamline and improve on their operational efficiency within the Group. Their main reason for the review was that they didn’t have complete control and struggled with the administrative part of the legacy TMS.

Pennon Group’s TMS Requirements:

• Easy to use
• Enabled full control of the system, data inputting and data management
• Rigorous workflow process
• Assistance in the change of Systems

The chosen TMS was required to do the following:

• Robust system for managing, recording and reporting treasury transactions
• Automate the treasury workflow for dealing, confirmation & accounting processes
• Improve reporting timelines with treasury performance, compliance, accounting and cash flow forecasting reports sourced directly from the TMS
• Provide payment management support
• Improve efficiency of cash reporting and cash flow forecasting
• Improve monitoring of market and counterparty exposures
• Provide integrated deal recording, confirmation, reporting, settlement
• Support hedge accounting under IFRS 9

The Solution

Pennon selected titanTreasury TMS, a technology delivered by Centrus, which presented an ideal solution towards their needs with:

• Easy technical installation in ASP mode (private SaaS)
• Strong segregation of duty: a front to back office workflow allowing them to have one inputter in the front office and one authoriser in the back office
• Full data storage control: full access of the administration module in order for Pennon to create counterparties, entities, bank accounts and user rights
• Easy month end reporting, Pennon used the reporting module within titanTreasury to customise monthly treasury, accounting, and treasury committee reports
• Risk reports, stress testing with accurate results compared to the tools which they previously maintained
• Hedge accounting reporting under IFRS 9

Pennon was fully supported by titanTreasury’s support team in the UK and the implementation was a very smooth transition tailored around their own timetable and needs. Following the first training session, Pennon was able to post all their treasury portfolios within the system without much reliance on our expert team. This illustrates the simplicity of the system.

What has differentiated titanTreasury from competitors?

Trust & People
The importance of having a team behind the technology that has both the experience and expertise to support Client’s team at every stage of the project and on an ongoing basis was of highest importance.

Functionality
titantreasury platform can handle all Pennon debt, investments, currency and interest rates instruments and derivatives in portfolio

Reporting & Accounting
titantreasury allows greater control to Pennon by offering a rich reporting and accounting engine to meet internal, client and regulatory demands

New & On Going Development
We focus on being at the forefront of the market with dedicated resources to R&D. We pride ourselves on our technology offering and believe all customers should benefit from the latest version and therefore upgrades are provided to Pennon at no additional charges.

Robustness
titanTreasury can handle sophisticated risk calculations to a superior level compared to Pennon’s legacy systems and tools.

Results

• Secure user profiles and audit trails
• Secure workflow for transaction & cash flows
• Complete visibility on transactions, debt, IR & FX positions, forecast cash flows, budgets, risks
• Strong limits monitoring
• Integrated market data
• Report automatization under IFRS 7, 9 & 13

For more information on titanTreasury, please contact Gilles Bonlong, Director at Cetrus.

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