Norsk Hydro ASA (Hydro), a supplier of aluminium and aluminium products, has picked Wall Street Systems as its corporate treasury technology partner after a competitive tender process.
Hydro will replace several applications with a single implementation of Wallstreet Suite provided via an application service provider (ASP) model. The new system will run Hydro’s in-house bank, liquidity management, treasury, portfolio management and monitor interfaces with multiple SAP instances and interface towards banks via SWIFTNet. The implementation of Wallstreet Suite will enable Hydro to achieve the ambition of simplification of the system portfolio and reduce cost and at the same time keep the advanced functionality to support the cash and treasury processes.
Peik Norenberg, Hydro’s head of corporate finance, said: “We have performed a comprehensive tender process and I feel confident that we have selected a system that will meet Hydro’s cash and treasury requirements and support the group’s needs for cost efficiency and flexibility going forward. We really look forward to working together with Wallstreet towards a successful implementation of the solution.”
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