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OpusCapita® Case Cash management at YIT Ahead of the trends "The right information in the right place at the right time! Failure to meet these criteria means extra expenses," says Marjut Pale, the head of Cash Management at YIT Corporation. YIT's principal activities are building construction, installation, and maintenance, and the company provides services for the real estate and construction industry as well as and telecommunication networks. YIT has been developing solutions for the management of finances and liquidity in collaboration with OpusCapita for two decades. The next step is an internal bank, to serve the corporation's units in all countries. Problem · The parent company's Finance department and the subsidiaries' financial management have different needs. The next major challenge in payment transactions is SEPA. Solution · YIT has used OpusCapita's InHouse Bank solution for the netting of payments within the corporation. · YIT is currently planning to create a treasury account in In-House Bank for subsidiaries in the Nordic and Baltic countries, handling euro payments. The Finance department of YIT Corporation is responsible for the entire group's finances and risk and liquidity management, on a centralised basis. This department is divided into Financial Services and Cash Management Services, the latter led by Pale. OpusCapita's systems for monetary transactions and liquidity management have been a key part of the corporation's cash management solution for some 20 years. "The world of monetary transactions has undergone a number of revolutions in the last few decades. With OpusCapita as our partner, we have not only kept abreast of developments in the rest of the world but often been ahead of the trends. Active cooperation in development work guarantees that our strategic decisions are supported by our systems," she says. Tailor-made standards YIT has already embraced the next major challenge in payment transactions: SEPA. Pale regards the harmonisation of European payment systems as an excellent opportunity to reorganise the corporation's payment system, to build an integrated overall system, and to expand the services provided to the units by the Finance department. "With OpusCapita", she says, "we can take advantage of standardisation to implement a harmonised procedure for our group's payment transactions on our own terms. The objective is to centralise accounts and payments into internal treasury accounts and to obtain tailor-made payment software." "In other words, we will use our own terminology, layout, and procedures, which are already familiar to our subsidiaries. We will centralise the systems in a single server and offer them as a service to the units," Pale says. With SEPA, potential to compare banking relationships YIT has prepared itself for SEPA on the basis of the principle that the Finance department will acquire information in a centralYIT and OpusCapita have a shared history going back 20 years. "The cornerstone of our liquidity management is having the right partner and system solutions implemented on our own terms," says Marjut Pale, the head of Cash Management at YIT Corporation. Pu b l i s h ed: OpusCapita Journal 2008 info@opuscapita.com · www.opuscapita.com
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