We have performed a comprehensive tender process and I feel confident that we have selected a system that will meet Hydro's cash and treasury requirements and support the group's needs for cost efficiency and flexibility going forward. We really look forward to working together with Wallstreet towards a successful implementation of the solution.
New York, NY and London, UK (PRWEB) October 20, 2009
Wall Street Systems (Wallstreet), the global provider of treasury, trading and settlement solutions and services, has been selected by Norsk Hydro ASA (Hydro) as its corporate treasury technology partner after a competitive tender process.
Hydro is a global supplier of aluminium and aluminium products. Based in Norway, the company employs more than 20,000 people in 40 countries and has activities on all continents.
Hydro will replace several applications with a single implementation of Wallstreet Suite provided via ASP. The new system will run Hydro's in-house bank, liquidity management, treasury, portfolio management and monitor interfaces with multiple SAP instances and interface towards banks via SWIFTNet. The implementation of Wallstreet Suite will enable Hydro to achieve the ambition of simplification of the system portfolio and reduce cost and at the same time keep the advanced functionality to support the cash and treasury processes.
Peik Norenberg Hydro's head of Corporate Finance said: "We have performed a comprehensive tender process and I feel confident that we have selected a system that will meet Hydro's cash and treasury requirements and support the group's needs for cost efficiency and flexibility going forward. We really look forward to working together with Wallstreet towards a successful implementation of the solution."
Mark Lewis, Director, Corporate Treasury at Wall Street Systems, said: "Our ability to deliver the most powerful treasury solutions using an ASP model means we are able to reduce implementation and maintenance costs significantly, and simplify even the largest of global corporate treasury operations. Norsk Hydro is one of the world's leading companies, and we are looking forward to building a dynamic partnership with them."
Wallstreet's treasury management solutions, Wallstreet Suite and Wallstreet Treasury SaaS are both deliverable via an ASP architecture, making them the most flexible solutions available to companies of all sizes.
Wall Street Systems (Wallstreet) provides functionally rich, integrated and scalable solutions for improved workflow, control and overall productivity for corporate 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/.