Tessenderlo Selects SunGard's AvantGard for Hosted Treasury
Tessenderlo Group, a large chemical company, has selected SunGard’s AvantGard for treasury and payments management. AvantGard will help Tessenderlo improve visibility and management of liquidity and cash with managed bank communications via the SWIFT network. The solutions will be hosted by SunGard.
Already using AvantGard Receivables (GETPAID) for order-to-cash management in Europe, Tessenderlo will globally deploy the AvantGard solutions which include: AvantGard Integrity for cash management and forecasting; AvantGard Trax for payments centralisation and workflow standardisation; and managed bank and SWIFTNet connectivity through the SunGard SWIFT Service Bureau. The solutions will be hosted by SunGard to help Tessenderlo reduce dependency on internal IT resources and improve total cost of ownership.
Beyond the treasury headquarters in Brussels, the integrated project will initially be rolled out to two Tessenderlo entities, Eurocell and Akiolis, and the accounts payable (A/P) shared service centre (SSC) in Leuven, Belgium. The broader project scope will include all Tessenderlo subsidiaries across 30 different countries.
“We are relying on SunGard to help us meet our entire liquidity management needs and to help us re-define the role of treasury within our organisation,” said Martine Marique, head of group treasury at Tessenderlo. “We process roughly 300,000 payments every year, across Tessenderlo, in 15 different currencies, so we are looking forward to being able to simplify and standardise this function as well as more easily comply with SEPA [single euro payments area] regulations and evolving bank communication requirements. Local treasurers will be able to use central tools for cash management and bank account reconciliation. Overall, the project is a substantial undertaking, but we’re confident that SunGard will deliver and help us improve visibility of our cash.”