Press Releases
SunGard's AvantGard Expands Corporate Transaction Banking Solution to Enhance Support of European Payment Practices
April 27, 2010 — London, UK
SunGard has announced a new release of its AvantGard Trax payments solution. AvantGard Trax 4.4 offers corporate customers a series of upgrades including integrated workflow support for cut-off times, better support for structured remittance information and an increased choice of connecting to banks with support for EBICS (Electronic Banking Internet Communication Standard).
EBICS is a file transfer protocol used by German corporations and banks to send and receive payment files over the Internet. The EBICS protocol is also being adopted in France. Using the EBICS connector, European-based customers of AvantGard Trax 4.4 will be able to use multiple mechanisms to readily connect to their banks. The solution also leverages the AvantGard EcoSystem Communication Service for single point bank connectivity.
AvantGard Trax 4.4 will offer advanced payment processing functionality and enhanced bank account allocation functionality to facilitate centralization of the payment initiation processes. Customers with operations in the U.S. can use entry screens and payment formats for U.S. automated clearing house (ACH) and wire payments, providing the required functionality for corporations to deliver validated payment instructions to their banks. Enhanced support for capturing remittance information is also available in AvantGard Trax 4.4, making the solution compliant with the ISO 20022 payment initiation standards. The upgraded solution also provides new standard reports, as well as the ability to integrate with third-party reporting tools.
“Bank connectivity has always been a challenge for European-based companies looking to develop multi-bank cash management solutions. However, with the advent of protocols such as EBICS and SWIFT, it has become possible for these corporations to integrate with many banks using one connectivity channel, instead of many different bank proprietary channels,” said Enrico Camerinelli, Senior Analyst with Celent, a research and consulting firm focused on the application of information technology in the global financial services industry.
Andrew Owens,managing director of global payments for SunGard’s Corporations business said, “With the release of AvantGard Trax 4.4, customers in Europe will now be able to process transactions end-to-end by connecting to their banks via SWIFT and EBICS, helping them to standardise corporate-to-bank business processes and transactions.”
To learn more about the benefits of corporate transaction banking systems, please click here to download the whitepaper.
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 technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 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 380 on the Fortune 500 and is the largest privately held business software and IT services company.
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.