AvantGard-Quantum will help Heritage to consolidate and streamline its treasury management operations. In addition, AvantGard-Quantumâs hedge accounting functionality will help Heritage to comply with the new International Accounting Standard (IAS39) that came into effect in 2005.
Heritage chief executive officer, John Minz, said, "We required a solution capable of automating our manual processes and assisting us with our compliance issues. We selected SunGard after an assessment of various offerings within the industry and a review of AvantGardâs extensive functionality. AvantGard will help us to improve our overall operational efficiency and business processes."
AvantGard will help Heritage achieve straight-through processing with front-to-back integration. The system will provide front-, middle- and back-office management, including deal capture, monitoring, modelling and forecasting, extensive reporting and, transaction and settlement processing. This will assist Heritage in management of its range of financial instruments, including money market, derivatives and securitisations.
AvantGard will also help Heritage manage its balance-sheet exposures and regulatory requirements by providing scenario analysis, cash and value at risk calculations, limits control and pricing functionality.
Key to Heritageâs decision-making process was the necessity of finding a vendor with a strong track record and the capacity to provide quality, on-going support. Mr. Minz said, "Heritage was aware of SunGardâs presence and reputation as a leading provider of treasury solutions to the financial industry and key members of our staff had also had previous exposure to AvantGard-Quantum."
John Wilson, president of SunGard's Asia Pacific business unit, said, "Our partnership with Heritage helps reinforce the presence of AvantGard as a leading treasury solution for financial service organisations in the Asia Pacific region. SunGardâs globally proven solutions can be tailored to local needs, helping organisations such as Heritage to meet the requirements inherent in compliance with International Accounting Standards. SunGard also has a dedicated team of treasury specialists to assist at all stages of a customerâs clientâs experience with SunGard."