Elopak chooses SunGard's AvantGard for European treasury ops
SunGard Treasury Systems, an operating group of SunGard (NYSE: SDS), today announced that Elopak, a leading supplier of packaging systems for liquid food products, has licensed SunGard's AvantGard-Quantum and AvantGard-ETX for its European treasury operations.
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The company sought a comprehensive solution to provide straight-through processing throughout its financial systems. AG-Quantum will be used at the group’s treasury headquarters in Zurich to manage the group’s treasury transactions, global cash position and reporting requirements.
"The delivery of straight-through processing to the treasury environment will bring enormous benefit to the management of our global business," said Petter Haug, group treasurer, Elopak. "In particular, the multilateral netting, cash reporting and cash forecasting capabilities will add significant value to our organization," he said. Mr. Haug also noted that the decision to select SunGard Treasury Systems' treasury suite was strengthened by Elopak’s need for fully-integrated accounting and IAS 39 hedge accounting capability, delivered within the AvantGard solution.
"As a secure real-time connection between corporations and their financial trading partners, AG-ETX provides the means to achieve a holistic view of all global cash positions," said Martin Boyd, executive vice president EMEA, SunGard Treasury Systems.