SunGard today announced that the Tasmanian Public Finance Corporation (TASCORP), the central borrowing authority for the State of Tasmania, has successfully completed a migration to an improved AvantGard Quantum production database for its treasury management.
The project was carried out within budget and scope at TASCORP's offices in Hobart, going live on 1 July, 2005.
Since 2002, SunGard has assisted TASCORP to consolidate and centralise its treasury management operations, offering straight-through processing with front-to-back integration, and a high degree of automation, control and visibility. SunGard's AvantGard Quantum treasury management system encompasses comprehensive dealing, risk management, position-keeping, settlement and reporting functions.
The migration project was carried out over a fifteen-month period and comprised seven sub-projects. Included in these was an AvantGard Quantum upgrade, which incorporated the implementation of an electronic funds transfer interface and repurchase capabilities, helping provide greater efficiency and broader product coverage. Improvements were also made to TASCORP's existing foreign currency accounting procedures, assisting it to optimise its utilisation of AvantGard Quantum's processes.
AvantGard Risk was also implemented as an analytical tool to assist TASCORP with risk position reporting.
A key part of the project was implementing mark to mark accounting for all of TASCORP's deals. With the new IAS39 standard applicable to TASCORP as at 1 July 2005 it was imperative that this was finalised prior to the end of the 2004-2005 financial year.
Paul Fitzgerald, senior manager, Operations at TASCORP, said, "TASCORP is very pleased with its new and improved AvantGard Quantum. All of our aims have been achieved, including turning on mark-to-market accounting in time to comply with IAS39. SunGard adopted a partnership approach to this project. Its expert implementation team worked with us every step of the way throughout this complex process to achieve a very satisfying end result."
The final phase of the project was the consolidation phase in preparation for the go live date of 1 July.
"What was one AvantGard Quantum ledger has now become thirteen," said Mr Fitzgerald. "Consolidation of the project involved bringing all stages of this undertaking together and testing the new and improved static data set up."
John Wilson, president of SunGard's Asia Pacific business unit, said, "Much of this project's success can be directly attributed to the strength of the partnership that exists between SunGard and TASCORP. Careful planning was also key, with the project being well defined and documented, the project plan regularly updated and TASCORP's board of directors kept informed of progress on a monthly basis. Each sub-project met its individual go live date and the implementation budget was not exceeded. The consolidation phase plan was to go live with the new and improved database on 1 July, and this target was met. We regard TASCORP as a valued customer and look forward to continuing a long and successful relationship with it."