19 October 2009 News

 

Norsk Hydro using Wall Street Systems for treasury management

Wall Street Systems has been selected by Norsk Hydro ASA as its corporate treasury technology partner after a competitive tender process.

Hydro is a global supplier of aluminium and aluminium products. Based in Norway, the company employs more than 20,000 people in 40 countries and has activities on all continents.

Hydro will replace several applications with a single implementation of Wallstreet Suite provided via ASP. 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. It is hoped that the implementation of Wallstreet Suite will enable Hydro to achieve the ambition of simplifying its system portfolio and reducing cost while keeping the 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."