Source: SunGard Treasury Systems
SunGard Treasury Systems, an operating group of SunGard (NYSE:SDS), today announced that A.P. Møller-Maersk, the largest corporate business in Denmark with 2003 net revenues in excess of DKK 157 billion, has gone live with the first phase of a complete treasury solution delivered by SunGard's AvantGard.
Maersk is using AvantGard for treasury and risk management, helping it to improve operating efficiency with straight-through processing (STP) and direct connectivity to banks. It will next implement the IAS39 module.
A.P. Møller-Maersk sought a complete treasury solution that would help it to streamline business processes, improve STP for financial payments, build a platform for IAS39 compliance and improve treasury management services with its business units. It decided to search for a third party solution rather than upgrade its existing legacy system. Maersk selected SunGard’s AvantGard, including AvantGard-Quantum as its core treasury platform, AvantGard-Risk for risk management and AvantGard-eTX for secure real-time connectivity with the banks.
Torben Winther, Maersk's director of treasury management, said, "We have just gone live on the first phase of implementing AvantGard, which includes risk management, transaction workflows, cash management and SunGard's AvantGard-eTX. Already we have seen tremendous benefits in terms of smooth business process and tight integration across the operation."
He continued: "The main benefit to us is the impact we are getting out of AvantGard-eTX. The direct connectivity to banks, avoiding bank workstations and browsers, gives us immediate decision support capabilities." The A.P. Møller-Maersk treasury operation continues to expand its services into its worldwide shipping business, and the second phase of the project involves rolling out the AvantGard-eTreasury Browser for inter-company reporting. Plans are also underway to implement the IAS39 module.
Martin Boyd, executive vice president EMEA, SunGard Treasury Systems, said, "As Maersk is one of Europe's large enterprises, the AvantGard implementation project has been significant in applying the very latest technology, pioneering the integration between banks, corporates and technology vendor. In addition to the obvious cost benefits derived from the functional advantages of AvantGard, we have also lowered the future cost of ownership for Maersk in outsourcing the bank connectivity."