News
OpenLink's Findur Goes Live at TUI Travel
Uniondale, New York, June 9, 2009/Business Wire: OpenLink Financial, LLC (OpenLink), a leading provider of cross-asset trading, risk management and operations processing software, announced today that TUI Travel PLC, ("TUI"), a travel leisure conglomerate that owns airlines, hotels, resorts, cruise ships, and tour businesses, went into live production with Findur.
Findur is OpenLink's fully integrated financial markets solution, offering a straight-through-processing (STP) environment that supports the entire transaction management life cycle, covering a comprehensive list of instruments. TUI needed a single, integrated Treasury / Commodity management system to manage, control, analyse and report their financial exposures and positions. TUI was able to go to into production within eight months – from the design phase, beginning in September 2008, and finishing in mid-April 2009.
TUI has operations in a large number of countries and operates more than 150 aircraft. Given that the volatility of foreign exchange (FX) rates and fuel prices has greatly increased in the past two years, the need to effectively manage these risks, coupled with a stronger focus on cash management is crucial. It was of critical importance that the solution use a single database, with multi-site access interfaces to banks and Reuters (FX and bond data), to provide the functionality needed to deliver hedge accounting and advanced market risk assessment capabilities as well as user-friendly reporting.
OpenLink's CEO Kevin Hesselbirg commented, "We are very pleased that OpenLink was the vendor of choice, providing TUI with the Findur solution. With its leading Treasury and Commodity management capabilities, it was the "best of breed" application that TUI had been seeking and was the alternative to the existing disparate legacy systems that were not integrated, and did not provide TUI with the requisite tools required to properly manage their financial and operational risks."
About TUI Travel PLC
TUI Travel PLC is a leading international leisure travel group which operates in approximately 180 countries worldwide and serves more than 30 million customers in over 25 source markets. Headquartered in Crawley, near Gatwick airport in the UK, the Group employs approximately 50,000 people and operates a pan-European airline consisting of over 150 aircraft. The company mainly serves the leisure travel customer and is organised and managed through four business Sectors: Mainstream, Specialist & Emerging Markets, Activity and Accommodation & Destinations. In the financial year ended 30 September 2008, TUI Travel had revenues of £13.9bn and an underlying profit before tax of £320m.
About OpenLink
Founded in 1992, OpenLink is a leading developer of cross-asset trading, risk management, and related operational and portfolio management software. OpenLink's diverse client base of over 130 customers worldwide includes 10 of the largest energy companies, eight of the largest financial institutions and seven of the largest central banks, as well as major hedge funds and public utilities. Headquartered on Long Island, New York, and with offices in New York City, Houston, London, Berlin, Vienna, São Paulo, Sydney, and Singapore, OpenLink has more than 700 employees worldwide.
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