Paris (PRWEB) May 15, 2012
Tessenderlo Group, one of the world’s largest chemical companies with reported revenue of 2.4 billion Euros last year, has selected SunGard’s AvantGard for treasury and payments management. AvantGard will help Tessenderlo improve visibility and management of liquidity and cash with managed bank communications via the SWIFT network. The solutions will be hosted by SunGard.
Already using AvantGard Receivables (GETPAID) for order-to-cash management in Europe, Tessenderlo will globally deploy the AvantGard solutions which include: AvantGard Integrity for cash management and forecasting; AvantGard Trax for payments centralization and workflow standardization; and managed bank and SWIFTNet connectivity through the SunGard SWIFT Service Bureau. The solutions will be hosted by SunGard to help Tessenderlo reduce dependency on internal IT resources and improve total cost of ownership.
Beyond the treasury headquarters in Brussels, the integrated project will initially be rolled out to two Tessenderlo entities, Eurocell and Akiolis, and the accounts payable shared service centre in Leuven, Belgium. The broader project scope will include all Tessenderlo subsidiaries across 30 different countries.
“We are relying on SunGard to help us meet our entire liquidity management needs and to help us re-define the role of treasury within our organization,” said Martine Marique, head of group treasury at Tessenderlo. We process roughly 300,000 payments every year, across Tessenderlo, in 15 different currencies, so we are looking forward to being able to simplify and standardize this function as well as more easily comply with SEPA regulations and evolving bank communication requirements. Local treasurers will be able to use central tools for cash management and bank account reconciliation. Overall, the project is a substantial undertaking, but we’re confident that SunGard will deliver and help us improve visibility of our cash.”
“Tessenderlo’s goals for the project exemplify how SunGard can help its customers gain a holistic view of cash for liquidity management;” said Steve Evans, managing director EMEA, for SunGard’s AvantGard business unit. “AvantGard will help Tessenderlo increase efficiency, save time and reduce costs through greater automation and a hosted environment.”
Tessenderlo Group is an international group with over 100 locations worldwide. The group primarily serves customers with its products and services for use in construction, agriculture, industry, and health and consumer goods end markets. The group has developed expertise in innovative processing of by-products from different industries into valuable new products.
About SunGard’s AvantGard
The AvantGard solution suite includes credit risk modeling, collections management, treasury risk analysis, cash management, payments system integration, and payments execution delivered directly to corporations or via banking partners. AvantGard solutions help consolidate data from multiple in-house systems, drive workflow and provide connectivity to a broad range of trading partners including banks, SWIFT, credit data providers, FX platforms, money markets, and market data. The technology is supported by a full range of services, including managed cloud services, treasury operations management, SWIFT administration, managed bank connectivity, bank on-boarding, and vendor enrollment, and is delivered by a team of domain experts. For more information, visit http://www.sungard.com/avantgard.
SunGard is one of the world’s leading software and technology services companies. SunGard has more than 17,000 employees and serves approximately 25,000 customers in more than 70 countries. SunGard provides software and processing solutions for financial services, education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about $4.5 billion, SunGard is the largest privately held software and services company and is ranked 480 on the Fortune 500. Look for us wherever the mission is critical. For more information, please visit http://www.sungard.com.
Trademark Information: SunGard, the SunGard logo, AvantGard and GETPAID are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.