Al Fahim Group, a large conglomerate with diversified businesses across the UAE, has selected SunGard’s AvantGard Treasury to help further optimise the management of its treasury operations. AvantGard Treasury will help AI Fahim Group automate its cash management processes, according to representatives of the Al Fahim Group.
According to the company, AvantGard Treasury will interface with Al Fahim Group’s existing enterprise resource planning (ERP) systems. In addition to treasury and cash management, it will help foster bank connectivity for such functions as uploading MT940 customer statement messages, as well as help automate the reconciliation process and improve cash forecasting. Al Fahim Group’s decision to select SunGard was largely influenced by SunGard’s local expertise and presence in the region, as well as AvantGard Treasury’s ability to establish controls for best practices, which will aid the company in its long-term sustainable growth strategy.
“We selected AvantGard Treasury because the application offers the tools we require to help us automate processes within our Treasury group. Additionally, SunGard’s presence in Abu Dhabi provides the security of knowing we are working with a local partner. We expect that the combination of technology and local support from SunGard will aid in the growth of business,” said Ahmad Nassar, group treasurer, Al Fahim Group.
“Many organisations in the UAE are taking notice of the value and cost savings that treasury technology can bring in helping support growth and global expansion. The Al Fahim Group project demonstrates SunGard’s success and commitment to this region across our various liquidity management solutions,” said Wissam Khoury, MD, Middle East, SunGard Financial Systems.