GTreasury acquires netting, reconciliation provider Coprocess
By Sunniva Kolostyak
Treasury and risk management platform provider GTreasury has announced the acquisition of intercompany netting solutions provider Coprocess, hoping to use its tools to streamline processes and cut costs for the end-user.
By adding intercompany netting to the GTreasury platform and ecosystem, corporate treasurers will gain the ability to speed up settlement processes, cut costs by reducing payments and FX volumes, and add new automated efficiencies into their treasury workflows.
Announcing the acquisition, Renaat Ver Eecke, CEO of Chicago-based GTreasury, said the firm is continuously looking for ways to empower corporate treasurers to do their jobs more effectively, more efficiently, and with less cost to their organisations.
He said: “The complexities of doing business across countries and across banks continues to grow, and the technologies that treasurers rely on must keep up with that pace. Acquiring Coprocess does exactly that for our clients. Coprocess brings expertise in multilateral netting that is second to none, and we’re extremely excited to welcome the Coprocess team, learn from them, and jointly build new and fully integrated solutions that will directly benefit our customer base.”
Treasurers using Coprocess regularly see payments and FX volumes lowered by as much as 70 per cent, while also benefiting from more centralised banking relationships and reduced float and complexity.
Real-time intercompany reconciliation capabilities deliver visibility into intercompany transactions, interest, loans and treasury transactions – eliminating mismatches and facilitating automatic reporting. Fully centralised vendor payments further simplify often-costly and time-intensive treasury operations. The Coprocess solution is also highly configurable to businesses’ unique netting processes and organisational structures and easily incorporates into treasurers’ existing architectures.
“Like Coprocess, GTreasury has long been a trusted technology partner to organisations around the world,” Andrew Goldie, CEO, Coprocess, said.
“They understand that continual innovation is critical to ensuring treasurers can do their jobs faster, with more accurate foresight, and as cost-efficiently to their businesses as possible. We share these aims, and look forward to a great future for Coprocess within GTreasury. We are excited to put our comprehensive netting solution into the hands of more treasurers.”
Combining the leading netting system with GTreasury’s extensive cash, payments, FX, and risk management capabilities provides treasurers with an extensive, easy-to-use, and end-to-end solution for optimising their treasury processes and workflows. The acquisition also continues to build the momentum of the GTreasury platform.
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