DESIGN AND IMPLEMENTATION OF A COMPUTER BASED TREASURY MANAGEMENT SYSTEM
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DESIGN AND IMPLEMENTATION OF A COMPUTER BASED TREASURY MANAGEMENT SYSTEM
Chapter one
INTRODUCTION
A computer-based treasury management system is a software package designed to improve the manual operation of the treasure’s day-to-day activities. This solution and strategy focuses on treasury cash management, foreign exchange, and other financial transactions.
This was designed in response to the tension that treasurers face when carrying out their everyday transactions. It is also known as a treasury workstation, which refers to a treasury-oriented system or software package that automates the laborious, repetitive tasks required to handle a bank’s or company’s cash flows.
The system enables a corporation to effectively communicate with financial institutions in order to manage cash, transactions, predictions, and even investment and debt.
A computer-based treasury management system can integrate easily with a company’s general ledger, providing an instant financial dashboard.
The financial crisis has heightened the need for greater transparency into a company’s cash resources, since transition lines of credit have become more prevalent. Corporate treasurers can respond to the bank’s financial needs more efficiently by properly selecting and implementing a computer-based treasury management system.
The research approach was carried out on the old system using personal interviews, questionnaires, observations, text, and the internet to learn how this computer-based treasury operates.
The computer-based treasury system will assist specialists and professionals in all aspects of treasury system to preserve accuracy in any organisation, particularly in the banking sector. This system will provide a comprehensive and user-friendly electronic information environment for recording.
This will allow the treasurer to go beyond simply controlling monitory flows and position exchange rates and interest rates if they become volatile as a result of currency market internationalisation and deregulation.
This will aid in the control of credit rates in a more competitive market, and the introduction of new financial instruments has driven treasury management to become more financially focused in their actions.
Managing a business’s financial activities can be a difficult task, especially for those in charge of treasure in the banking and financial sectors, due to the constant influx of new or changing regulations, as well as the labyrinth of considerations required to manage risk effectively.
It is critical to ensure that your computer-based treasury management system meets your particular requirements while generating relevant and analytical information. It is made up of software, hardware, and the people that administer the technology.
It can be linked to information from both internal and external sources and execute a range of transaction and other automated operations, as well as provide fund and revenue analysis.
A computer-based treasury management system can typically be linked to other officer applications or incorporated into an enterprise resource planning (ERP) system.
Finally, with this computer-based treasury management system, misappropriation of credit and stress for treasurers will be a thing of the past.
1.1 Background of the Study
Guarantee Trust Bank Plc was established in 1990 as a limited company with a licence to provide commercial and other bank services to the Nigerian public. The bank began operations in February 1991 and has subsequently expanded to become Nigeria’s leading services bank.
Five years later, in September 1996, Guaranty Trust Bank Plc became a publicly traded corporation and received the Nigeria Stock Exchange Presidential Merit Award that year, as well as in 2000, 2003, 2005, 2006, 2007, and 2008.
In February 2002, the bank received a universal banking product licence. Guaranty Trust Bank is generally recognised as a space shelter and industry leader.
The bank is also known for innovations such as allowing customers to view their accounts and complete transactions from any branch in the network.
In 2006, the bank, Guarantee Trust Bank, opened a facility that lets customers to complete 90% of their financial transactions over the phone, anywhere in the world. The bank received widespread appreciation when it debuted the charitable and student account in 2009.
The lea account allows students to take more responsible charge of their finances while also introducing them to the account’s unique possibility. The bank is motivated by the development challenges of its host communities to remain a socially responsible company that ensures its activities meet and exceed the social environment and economic expectations of its stakeholders, which includes software developed to assist the bank in meeting economic challenges.
1.2 Statement of the Problem
Computer-based treasury management systems have issues that affect the individuals who utilise them. Many treasurers faced numerous challenges and stress in 1970 due to the manual operations they used; however, as time passed, changes occurred as the economy environment was hit by recession
which favoured the emergence of new short-term monetary policy instruments and the first hint of deregulation of financial markets, but treasury management of payment and collection and the maintenance of bank balance position.
Treasury work has been particularly difficult in recent years due to the lack of a computer-based treasury administration system. In treasury, issue solving is:
Finances were not managed properly.
Difficulties in managing treasury software.
Time wastage due to manual processing and information discrepancy among treasurers.
Individual and staff accounts are manually registered.
Manually submitting information on an organization’s treasury profile, for example.
All of the problems outlined above are those that the treasurer faces.
GOALS OF THE STUDY
The goal of this research is to create system-based treasury management system software that covers a variety of topics, including foreign exchange, money loans, and associated derivative instruments.
The system will be capable of providing the organisation with a sophisticated, multi-entity, multi-portfolio, multi-dealing room environment that is supported by a strong risk management and management information system (MIS).
This will demonstrate the significance of the management system (TMS) and its benefits in the treasury department, including:
Automate treasury in any user-friendly secure electron environment.
To be able to re-deploy people away from their respective and vital manual tasks and focus on efficiently managing cashflow and risk.
Discover cash management services for banks based on daily reports, particularly balancing, crediting, and account information.
Discover how treasury management system (TMS) helps organisations handle their everyday complex treasury operations.
To manage a variety of financial obligations using a single system.
Significance of the Study
A computer-based treasury management system was developed to assist in the checking and controlling of financials in an organisation.
Introducing the study will help to regulate and manage all capitals to eliminate intangible assets unknown cost and to reduce liquidity of capital of financial institutions. This will help to regulate cash and check transactions.
This will now link to treasury management, extending beyond the simple control of monetary flow and positions. Exchange rate and interest rate volatility in international and deregulated currency markets.
This will assist to decrease risk and control credit in an increasingly competitive market, and the new financial instrument has compelled treasury management of investment treasury deficits and other financial risks.
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