SunGard launches efficient banking
(6 October 2009 – USA) SunGard has announced the launch of its AvantGard EcoSystem Communication Service which is intended to create a single point of connectivity between banks and corporate users.
The technology provider said that the system allows a unified communication channel for bank account statements, wire transfers, treasury payments, accounts payable payment execution and cheque printing.
The single connectivity service will allow corporations to connect once and gain access to SWIFT as well as other trading partners and exchanges.
The approach is intended to help to reduce friction across the banking system as corporations can streamline data transfer and gain transparency to transactions.
Ken Dummitt, president of SunGard's corporations business, said he believes that no one entity can provide all of the elements necessary to affect the fundamental shift required to bring efficiency to cash management.
What the corporate commercial ecosystem needs, like any ecosystem, is a community leader, Mr Dummitt said.
With the launch of the AvantGard EcoSystem Communication Service, SunGard is positioned to provide that leadership by bringing together the network of participants for improved transparency, efficiency and connectivity, he concluded.
The product launch comes off the back of a recent SunGard study, which shows the corporate commercial ecosystem of suppliers, buyers, banks & other trading partners is likely the most inefficient marketplace in the world.
The study showed 30 percent of corporations grossing US$5 billion or greater rely on 21 or more cash management banks.
The single connectivity service will allow corporations to connect once and gain access to SWIFT as well as other trading partners and exchanges.
The approach is intended to help to reduce friction across the banking system as corporations can streamline data transfer and gain transparency to transactions.
Ken Dummitt, president of SunGard's corporations business, said he believes that no one entity can provide all of the elements necessary to affect the fundamental shift required to bring efficiency to cash management.
What the corporate commercial ecosystem needs, like any ecosystem, is a community leader, Mr Dummitt said.
With the launch of the AvantGard EcoSystem Communication Service, SunGard is positioned to provide that leadership by bringing together the network of participants for improved transparency, efficiency and connectivity, he concluded.
The product launch comes off the back of a recent SunGard study, which shows the corporate commercial ecosystem of suppliers, buyers, banks & other trading partners is likely the most inefficient marketplace in the world.
The study showed 30 percent of corporations grossing US$5 billion or greater rely on 21 or more cash management banks.
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