Photo of Ben Souter, Adam Boyle, Daniel Binnington, Ross Crispin, Tom Minion, Alex Larkin and Holly Younger.

Integrated TMS and Mosaic MMF platform gives take-off for this airline

The challenge

easyJet was looking to move to a multi-currency money market fund (MMF) platform that could integrate with its treasury management system (TMS), fulfil bespoke reporting and automate a number of existing tasks. easyJet required a technology provider who could offer stable, reliable data and daily risk analytics for their investments across multiple currencies and asset managers.

Following a review of the money market platform, easyJet also instigated a request for proposal (RFP) for a new TMS that would fulfil its future requirements. Through a detailed consultative approach, Goldman Sachs Asset Management (GSAM) was able to provide easyJet with a solution. GSAM’s partnership with ION Group helped easyJet’s decision, as they were able to move forward with two independent systems which had a track record of integration, as well as experienced personnel to manage the end-to-end onboarding and testing for a smooth transition.

As easyJet pursued a parallel review of its TMS and MMF platform, it worked with providers that could not only address the company’s immediate concerns but pave the way for significant future developments.

The solution

easyJet was efficiently transitioned to the Goldman Sachs Mosaic online trading tool to enable immediate access to its multiple MMF investments. The initial access also permitted straight through connectivity to its existing TMS before the transition to the new provider. This immediately reduced the need for duplicate reporting, streamlined data feeds, provided end-to-end visibility across multiple teams within finance, and gave an accurate snapshot of all the company’s investments. As part of the onboarding, easyJet’s treasury team conducted a group workshop with its finance team to demonstrate the efficiencies of the new technology, as well as review the robust cyber-security procedures. This ensured all key stakeholders were actively engaged in the implementation process.

Best practice and innovation

Navigating a transition between systems used for daily liquidity management across multiple currencies and multiple fund providers can be a daunting task. However, completing both TMS and money market fund platform changes in parallel was an extraordinary effort only accomplished due to the tenacity and dedication of easyJet’s treasury team, working closely with experienced providers.

In these turbulent times, it is essential that easyJet has instant access and visibility to its intra-day cash positions, without the need to draft manual reports or pull together paper statements from multiple data sources. The solution reduces input risk and allows decisions and payments to be made earlier each day. Mosaic also enables easyJet to have a deeper insight into the underlying holdings of its investments to recognise what the potential exposures could be, and all countries are in one central system for all its investments.

By optimising its technology solutions, it has enabled easyJet to increase the ability to effectively support different business areas cash management needs, whilst constantly monitoring market conditions to manage FX, jet fuel requirements and cash balances. All of the necessary systems are now readily accessible in the new remote working environment.

Key benefits

• Full integration between TMS and money market fund trading portal.
• Timely, accurate data sourcing.
• Reduction in errors.
• Improved transaction processing speed.
• Tailored reporting of underlying credit ratings of portfolio instruments for in-depth data analytics and risk management across currencies and fund managers.
• Access to a single point of contact for day-to-day client servicing queries.
• Foundational architecture established cognisant of future developments, including trade initiation from the TMS and single sign-on capabilities between the two platforms.