Easa Saleh Al Gurg Group, a diversified family group based in the United Arab Emirates, has gone live with SunGard's AvantGard to help it improve its treasury and cash management operations.
Using AvantGard Treasury, Al Gurg Group has centralized its treasury and cash management activity at the group level, has created an in-house bank, and is working to establish a payments factory and centralization of trade finance processes.
AvantGard Treasury has replaced manual processes within Easa Saleh Al Gurg Group's treasury operations. One of the key reasons the group selected AvantGard was to help it develop an in-house bank. Easa Saleh Al Gurg Group owns 23 group companies that have each been maintaining their own bank accounts and relationships. Centralizing this function at the group level helps the company obtain greater visibility and control over treasury and cash management, in addition to helping reduce operational costs and optimise processes.
"We chose AvantGard Treasury based on SunGard's strong reputation in the Middle East for delivering proven solutions with a local team for implementation. We can already see how AvantGard is helping us automate more of our processes, introduce greater efficiency into treasury management and reduce costs through the centralization of bank accounts and bank dealings," said Abdulla Al Gurg, group general manager, Easa Saleh Al Gurg Group.
"SunGard's AvantGard is covering Al Gurg Group's treasury and cash management requirements by providing an automated and centralized environment. Many organizations in the region are taking notice of the benefits and cost savings that treasury technology can help bring, while assisting them to adhere to and establish controls for complying with regional and international business standards. This project further demonstrates SunGard's success and commitment to this region across our various solutions within the financial industry," said Wissam Khoury, managing director, SunGard Financial Systems, Middle East.