Heritage Building Society, Australia’s largest building society, has selected SunGard’s AvantGard for its treasury requirements. AvantGard-Quantum and AvantGard-Risk will be implemented at Heritage’s head office in Toowoomba, Queensland. AvantGard-Quantum will help Heritage to consolidate and streamline its treasury management operations. SunGard said that AvantGard-Quantum’s hedge accounting functionality would also help Heritage to comply with the new International Accounting Standard (IAS 39) that came into effect in 2005. 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.
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