Eastman Uses Internet To Streamline Treasury Operations

06-Aug-2001

Eastman Chemical Company announced plans to streamline domestic cash management operations using AssistantTreasurer.com, an Internet-based treasury management service provided by Wachovia Corporation.

AssistantTreasurer.com will handle day-to-day cash operations, including positioning of bank account balances, wire transfers, cash forecast consolidation and various back office tasks. Eastman is the first chemical company to use this service to streamline its treasury operations.

"Eastman continues to look for financial Web-based solutions that can improve efficiencies in our business processes," said Al Wargo, treasurer. "With Eastman's plan to become two independent public companies by year-end, this service provides a good solution for managing with limited treasury resources. By streamlining routine daily operations, we can focus personnel more on the strategic aspects of treasury and finance."

"Although daily operations will be performed off-site, we will still have secure and real-time access to treasury data and reports," said Michael Watts, manager, global cash management. "This allows a nearly seamless interface with tasks that remain in-house, such as daily funding. It also meets the requirements of other organizations in the company, such as accounting, that need access to treasury data."

According to Edward C. Gordon, Wachovia's senior vice president and group director of AssistantTreasurer.com, "AssistantTreasurer.com combines Wachovia's treasury expertise with advanced technology developed by Selkirk Financial Technologies, Inc., enabling customers to streamline treasury operations to unprecedented levels."

About Wachovia

Wachovia Corporation, with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. As of June 30, 2001, Wachovia had assets of $74.8 billion. Member companies offer consumer and commercial banking, bankcard, asset and wealth management, capital markets and investment banking, brokerage and insurance services. Businesses of all sizes rely on Wachovia as a key adviser for strategic treasury decisions, and the Treasury Services Division of Wachovia leads the field in expertise, capabilities and service. An array of e-commerce solutions, including patented imaging functionality, streamlines transactions and reporting.

https://www.chemeurope.com/en/news/4151/eastman-uses-internet-to-streamline-treasury-operations.html