SunGard today announced that Orica, one of Australia's largest manufacturers in mining, consumer products and chemical services, has chosen SunGard’s AvantGard for its corporate treasury operations.
AvantGard will be implemented at Orica's central treasury in Melbourne, Victoria. It will also be accessed via Orica's Internet portal by its subsidiaries across the globe.
Orica will use SunGard's AvantGard to help gain operational efficiencies with straight-through processing provided by AvantGard's front-to-back integration. With its ability to offer real-time visibility into cash flows, AvantGard will also assist in providing Orica with a complete and accurate picture of its cash and risk positions, and help increase operational controls for liquidity management.
In addition, AvantGard will help Orica comply with the new accounting standard, IAS39 (IASB139), which requires companies to value derivatives and post profit/loss effects of derivatives. AvantGard provides FX options, cash book analysis, cash and liquidity forecasting, position keeping, audit and risk management reports. AvantGard will be used for Orica's interest rate and FX hedging.
Wayne Jopson, group treasury manager of Orica, said, "We have operations around the world, so our centralised treasury needs real-time access to all cash and liquidity positions. SunGard's AvantGard will help ensure that the most up-to-date information is available and that this information will be consistent across the entire organization. AvantGard's Web-based access also allows remote business units to produce their own reports when they need it, rather than having to wait for treasury to create and send them. This immediately helps increase our efficiency without compromising data integrity."
Ian Mullane, chief operating officer of SunGard's Asia Pacific business, said, "We are pleased that Orica chose SunGard's AvantGard. Treasury operations today deal with sophisticated products that require stringent risk controls, especially in derivative products. We are committed to helping our customers transform their mission-critical liquidity management with our latest, most efficient and agile technology".