Press Releases
SunGard Introduces SaaS-based Converter for Payments Standardization and Compliance within the Single Euro Payments Area (SEPA)
November 23, 2009 — London, UK
SunGard today announced the launch of its AvantGard SEPA Converter, a Web-based utility that will help corporations convert their electronic cross-border Euro payments into a standardized format that complies with the SEPA (Single Euro Payments Area) initiative. AvantGard SEPA Converter is delivered on a Software-as-a-Service* (SaaS) basis and provides a click-and-buy, pay-as-you-go model.
To participate in the SEPA initiative, a company can convert EURO denominated cross-border payments into electronic payments using a standardized format (ISO 20022). This typically requires either a bank or an in-house technology solution to convert payments. AvantGard SEPA Converter will help companies correctly convert and format cross-border electronic payment files to the SEPA standard on an as-needed basis, helping them to reduce bank charges. The SaaS model delivers additional cost efficiencies by helping companies avoid costly implementation and maintenance fees and instead focus their scarce IT resources on strategic business goals.
"A challenge facing many small- and medium-sized companies is that their in-house or ERP systems are not flexible enough to adapt to changes without the investment of significant time and cost,” said Andrew Owens, senior vice president, global payments, SunGard’s AvantGard business unit. “AvantGard SEPA Converter is offered on a SaaS basis, helping companies quickly gain access to a solution for payment format conversion. By passing payments through an online portal, corporations can convert to SEPA-compliant payments more quickly and easily, helping to increase straight-through processing (STP) and helping reduce overall costs for cross-border transactions.”
Click here for more information about the AvantGard SEPA Converter: http://bit.ly/24w87u.
*SunGard Financial Systems is pursuing a visionary initiative to transform some of the key functionality of its core systems into components to form a new software development and on-demand delivery environment called Infinity. Infinity helps financial institutions to develop and deploy custom applications, integrating SunGard components with their own proprietary or third party components. Infinity uses SunGard's Common Services Architecture (CSA), a service-oriented architecture (SOA) development framework, offering business process management (BPM) and a virtualized, software-as-a-service (SaaS) infrastructure.
About SunGard’s AvantGard
SunGard’s AvantGard is a leading liquidity management solution for corporations, insurance companies and the public sector. AvantGard provides chief financial officers and treasurers with real-time visibility into cash flows and increased operational controls around receivables, treasury and payments. AvantGard helps companies drive free cash flow and reduce inefficiencies across the EcoSystem of suppliers, buyers, banks and other trading partners. For more information, visit www.sungard.com/avantgard.
About SunGard
SunGard is one of the world’s leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries.
SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.
With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented six times. For more information, please visit SunGard at www.sungard.com.
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com
Trademark Information: SunGard, the SunGard logo and AvantGard are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.