Stockholm-based Skandia Insurance has selected the IT2 Treasury Solutions' IT2 treasury management system to provide an integrated practice solution to support its cash, treasury accounting and treasury risk management operations.

IT2 said that that Skandia IT2 implementation will provide transparent, workflow based solutions for diverse treasury functions such as in-house banking, cash concentration, continuous linked settlement, cash forecasting, hedge accounting and the management of bond portfolios. An approach to reporting and analyzing financial risk exposures will include credit risk management, scenario analysis and VaR derivation.

According to the IT2, the solution will operate as a treasury control hub, and will be integrated with complementary systems and services, including: multibank reporting and payment systems; several dealing portals ;Misys Confirmation matching service; SimCorp dimension and internal applications; and Reuters and Bloomberg market information services.

In addition, IT2 NET will be used for web based intercommunication between central treasury and Skandia’s remote business operations, for deal requests; cash/liquidity forecasting, settlement requests and reporting.

Skandia head of treasury Henrik Nordansjo said the company selected IT2 because the Skandia team determined that this system offers a comprehensive, complete solution for the complex range of financial management, control and reporting issues that confront an international bank and insurance company treasury such as Skandia’s.

"We are looking forward to working with IT2 and its business partner OpusCapita," Nordansjo said.