Dubai Aluminium (DUBAL), a large single site aluminium smelter and the industrial flagship of the United Arab Emirates (UAE), has selected SunGard’s AvantGard Treasury (Quantum) for treasury management and hedge accounting. The solution will also help DUBAL manage foreign exchange (FX), interest rate and commodity risk.
Moving from a spreadsheet-driven environment to an automated integrated solution will allow DUBAL to efficiently manage, control and report on all of its treasury activities, while helping provide increased transparency, enhanced data integrity and improved integration with internal systems. Quantum will complement DUBAL’s enterprise-wide risk management initiative through integration with SAP Exposure Management for the identification of commodity and FX exposures.
Corporate treasurer and chief risk officer (CRO) at DUBAL, Toby Shore, said: “We sought a treasury management system [TMS] to help us mitigate financial risks and address security concerns resulting from the use of spreadsheets. We chose SunGard because its system provided this as well as being easy to integrate, and also because of SunGard’s strong reputation in the Middle East. The flexible, configurable reporting capabilities of SunGard’s AvantGard Treasury (Quantum), its complete coverage of complex instruments required for hedging, and its ability to accommodate our need for SAP-integrated risk management were also deciding factors.”
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.
A global survey of 200 corporate treasurers by Temenos and Ovum shows that many expect at least some banking services to relocate away from London.