Volvo finance department expands system support beyond Sweden

Volvo has outsourced the support of the IT system that underpins its finance unit worldwide to service provider Virtusa, which aims to shorten support response times.

A previous agreement was only based in Sweden but, due to time differences, there was sometimes a delay in supporting operations elsewhere.

Volvo Group Treasury, the standalone finance department at Volvo, has its headquarters located in Gothenberg, Sweden. It describes itself as Volvo’s internal bank and co-ordinates worldwide funding strategy and the financial infrastructure. It uses Wallstreet Suite financial system and will receive 24-hour support 5 days a week from Virtusa.

Formerly known as TradeTech Consulting Scandinavia, Virtusa first provided Wallstreet Suite support for Volvo Group Treasury in 2009, and the recent deal will see it provide worldwide support.

“We’ve always been pleased with Virtusa and its high-quality, fast-response support, but due to time-zone differences between our offices and Virtusa in Sweden, the handling time was difficult to shorten,” said Fredrik Ringström, IT head at Volvo Group Treasury, which has subsidiaries in the US, Singapore, Beijing and Tokyo.

“With the extended support, we will have constant access to advanced Wallstreet Suite support for our treasury departments around the world. This will shorten the handling and response time for our global offices significantly and make our treasury processes much more efficient.”

Virtusa will provide incident management support to Volvo Group Treasury from facilities in Sweden and Sri Lanka. The supplier also has technology centres in the US, the UK, Hungary and India.

IT service providers and enterprises alike are building global delivery networks to ensure they can provide appropriate support to business units in different locations.