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Streamlining Confirmation Matching at Thomas Cook We look at the significant benefits a new confirmation matching system has brought to the Thomas Cook Group - including the ability to manage confirmations on an exception basis and a comprehensive audit trail.

Streamlining Confirmation Matching at Thomas Cook

by Annabel Farlow, Group Treasury Projects Manager, Thomas Cook

The Thomas Cook Group was formed in 2007 as a result of the merger between Thomas Cook AG and MyTravel Group plc. One of the outcomes of this was that the Group Treasury function, which has primary responsibility for risk management and financing, moved from Thomas Cook’s former headquarters in Germany to the UK. Front office is based in London and back office in Peterborough. In addition, the group has five regional treasury centres that report to local CFOs. In recent years, Group Treasury has undergone substantial change and enhancement, one element of which has been the replacement of its confirmation matching system.

Business rationale

Following the completion of the merger, we embarked upon a banking tender in 2009, which resulted in a change of banking partners. As the existing confirmation matching system had been provided by one of our incumbent banks, we needed to find a replacement system that would replicate our existing functionality as a minimum, and contribute to a high level of control and straight-through processing for treasury transactions.

Selecting a solution

We were seeking a bank-independent solution that was deployed online. We had rigorous security and audit requirements, and sought a solution that would work with our treasury systems environment. We use Kondor + for front-office dealing and IT2 for cash management.

After looking at a number of systems, we made the decision to implement Misys’ Confirmation Matching Service (CMS). There were a variety of factors behind this decision. We recognised CMS’ market-leading position and Misys’ experience of working with corporates of a similar profile to Thomas Cook. The system was robust, easy to use and demonstrated the audit and security features that were essential to us. Furthermore, CMS is deployed as a SaaS (software as a service) solution, minimising the effort required to implement, maintain and upgrade the system over time.

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