London and New York, 20 June 2008 – Merck & Co., Inc, the global research-driven pharmaceutical company, has won the Treasury Today Adam Smith Award for Best Practice and Innovation in 2008 for the category ‘Harnessing the Power of Technology’. The win came as a result of Merck’s implementation of Wallstreet Suite from Wall Street Systems, the global provider of treasury, trading and settlement solutions and services. The winners were announced yesterday at a ceremony at The Four Seasons Hotel in Canary Wharf, London.
The treasury and cash management solution has enabled Merck to transform its worldwide treasury operations by reducing its cash management bank relationships from 100 to just three and significantly decreasing interface costs and bank fees. Wallstreet Suite manages a complex treasury operation for Merck that entails the management of pools, funding, loans and inter-company lending, as well as cross-border payments.
Joergen Jensen, director of corporate solutions at Wall Street Systems, commented: “Our aim is to help our clients improve their operations, and Merck is a prime example of how we have achieved this. We see this award as a testament to the continuous development of our solutions.”
The aim of the awards is to recognise outstanding achievement in solutions within the corporate treasury environment, which demonstrate best practice and/or innovation. Richard Parkinson, managing director of Treasury Today said: “The judging criteria for these awards are tough and the competition was extremely strong. Winning entries needed to demonstrate tangible results in the form of cost savings and above average ROI, through to exceptional implementation and quantitative improvements in efficiency. To have won this award is therefore a significant accolade for Merck working in partnership with Wallstreet.”
About Wall Street Systems
Wall Street Systems (Wallstreet) provides functionally rich, integrated and scalable solutions for improved workflow, control and overall productivity for corporate treasury, bank treasury, central banking, FX trading and global back office operations. Wallstreet is the market leader in FX trade processing and through its award-winning products, including Wallstreet Suite, Wallstreet Treasury, Wallstreet FX and Wallstreet BackOffice, the company processes millions of transactions, aggregating to trillions of dollars, every day.
With a 20 year heritage, Wallstreet has an outstanding reputation for quality and responsive service, and prides itself on helping its clients achieve long lasting benefits and results. Its 500 employees service over 300 banking, corporate and central bank clients, operating out of 12 offices worldwide. The company is a privately held corporation, and is majority owned by Warburg Pincus, a global private equity investor.
For more information, please visit http://www.wallstreetsystems.com/
Merck & Co., Inc. is a global research-driven pharmaceutical company dedicated to putting patients first. Established in 1891, Merck discovers, develops, manufactures and markets vaccines and medicines to address unmet medical needs. The Company devotes extensive efforts to increase access to medicines through far-reaching programs that not only donate Merck medicines but help deliver them to the people who need them. Merck also publishes unbiased health information as a not-for-profit service.
For more information, visit http://www.merck.com/
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Wall Street Systems
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Mobile/Cell: +44 (0) 7798 716 762
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