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."
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