Costco selects treasury-management system

Issaquah, Wash. Costco Wholesale Corp. has selected IT2 Treasury Solutions to support its global treasury-management operations.

Costco selected IT2 to provide an integrated treasury-management solution to enhance control and transparency and the quality of management reporting. The IT2 solution will provide global visibility of cash and exposures. Meanwhile, the U.S. domestic cash-management solution will provide access to prior and current day balance information from Costco’s network of banks.

The system will additionally manage debt and money market fund investment operations, and also treasury accounting.

“The Costco implementation will take advantage of IT2’s process mapping facilities to define, document and manage all key domestic and international treasury processes,” said Rue Jenkins, assistant treasurer at Costco Wholesale Corp. “IT2’s advanced workflow management facilities will enable us to put in place a range of key controls, including our ‘4-eyes’ treasury policy that requires secondary verification of all changes to static data and business logic, so that a secure, compliant and well-documented solution will be implemented.”