Rather than upgrade existing in-house systems FLSmidth & Co. A/S sought an integrated treasury solution to help improve treasury and management reporting and compliance and control. FLSmidth & Co. A/S selected SunGardâs AvantGard, as its core treasury and risk reporting platform. It also selected AvantGard-ETX, to help provide secure real-time connectivity with one of its banks.
Poul Erik Tofte, executive vice president and chief financial officer of FLSmidth & Co. A/S said, "Our prime requirement was to replace our existing disparate group of treasury systems with a fully integrated solution that would help provide complete and accurate reporting of our treasury risk across the group. We required a platform that would help ensure IAS39 compliance and one that would report real-time cash data from our banks. We selected SunGardâs AvantGard as it met all of these needs, incorporating security and control, and helping deliver increased automation and straight-through processing."
Martin Boyd, executive vice president, EMEA, of SunGardâs AvantGard business unit, said, "FLSmidth & Co. A/S has an advanced central treasury operation and we are pleased to offer the technical and business partnership that will help provide the company with increased control and efficiency and improved standards of reporting."