Hong Kong – 15 Nov 2018: ION, the largest global provider of trading, analytics and risk management solutions for capital markets, commodities and treasury management, announces that its customer Prudential Corporation Asia (Prudential) is a highly commended winner of the 2018 Adam Smith Award Asia for ‘Harnessing the Power of Technology.”
A key factor in securing the award was the transition of Prudential’s treasury processes to the cloud by deploying Reval, an ION solution, as part of a program to automate cash and counterparty risk management at multiple business units. Embracing cloud technology has enabled Prudential to transform its treasury into a best practice model, with a decentralized treasury function spanning 10+ markets and 20+ business units in Asia.
Having deployed Reval, with its built-in SWIFT connectivity, Prudential is also now able to view positions and exposures once a day, rather than once a month. Active liquidity management helps optimize cash balances and standardize procedures and processing, reducing operational risk and improving efficiencies.
The Adam Smith Awards, conferred by the publishers of Treasury Today, are a highly competitive and globally recognized endorsement of corporate treasury achievement.
Richard C. Shaw, Director, Treasury, at Prudential Corporation Asia said, “Reval’s ability to show us our daily cash position right across the region is the headline win, but it’s accompanied by gains from the automation of key processes that together are highly significant for our business. With much of the core treasury processes now handled by Reval, our business unit treasury teams are now not only operating to the same best practice standards, but have been freed to generate extra value for the business.”
Patrick Cannon, EVP of Reval and Treasura at ION Treasury said, “The results of the deployment of Reval are an exciting demonstration of the benefits of treasury automation. Prudential Asia’s treasury team is well deserving of this Adam Smith Award Asia.”
ION Treasury serves more than 1,300 clients in nearly three dozen countries. Market-leading products include Wallstreet Suite, Openlink, Reval, IT2, ITS, City Financials, and Treasura, satisfying the needs of companies of any size, budget, and IT capability.
ION provides mission-critical trading and workflow automation software solutions to financial institutions, central banks, governments and corporates. For more information, visit www.iongroup.com.