Bank Connectivity
One of the ways to achieve innovation in the cloud is to improve Corporate to Bank Connectivity. Corporate to bank connectivity has been evolving over the years. Advancements in web-based technology and the availability of 24/7 self-service solutions have corporations demanding more from their banks than ever before. This demand is further fueled by the need for greater control and visibility over bank accounts and cash management, cost reduction, standardization, and automation for reconciliation and matching activities.
According to a recent study conducted by SunGard, 30% of corporations in the 5B+ category are managing with 21 or more cash management banks (and many have hundreds). The requirement for bank communication is not new. However, while several years ago there was a movement to consolidate banking relationships, today there is a trend toward the multi-banked corporate. The demand for single point connectivity allowing for access to banks is coupled with an increased desire to access bank services faster and cheaper.
How SunGard Can Help?
Corporate-bank connectivity and communications can now be achieved through a communication layer called Echos: EcoSystem Communication Hub. This hub consists of three core components:
- Integrated to treasury, payments & receivables solutions as well as back-office ERP / in-house banking
- Normalise, transform and enrich data for transmission using ISO 20022 standards
- SWIFT Service Bureau is embedded as part of the service
(Also offers direct bank connectivity as well as connectivity via other networks including ISABEL & ANSWR)
Examples of services that will leverage this new standard include deal confirmations and matching (ACCORD ), Electronic Bank Account Management (eBAM), Bank Fee Reporting (TWIST), and mutual funds reporting.
Examples of Financial Messaging:
- Electronic Bank Account Management (eBAM)
- Bank Account Statements with Transaction Details
- Deal & Trade Confirmation
- Treasury Payments / Bulk Payments
- Mutual Funds Reporting
Video Presentations
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Luc Belpaire, product director, payments, SunGard's AvantGard discusses the value of the SWIFT network and the AvantGard Corporate Transaction Banking.
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Kurt Vandebroek, vp, product management, SunGard's AvantGard, discusses the importance of connecting ecosystem participants and the benefits of Echos for financial messaging.
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Michael Shields, vp of product management, SunGard's AvantGard discusses the challenges of bank account management and the benefits of AvantGard's eBAM solution.