Press Releases
SunGard's AvantGard Expands Corporate Transaction Banking Solution to Support US Payment Practices
April 27, 2010 — New York, NY
SunGard has announced a new release of its AvantGard Payments solution, providing a series of upgrades including enhanced payment workflows, to help US-based organizations standardize and centralize their corporate-to-bank processes and promote best practices.
The latest release of AvantGard Payments, also known as Trax, offers support for a wide range of global payment formats including: NACHA and the STP 820 EDI format from the Electronic Payments Network (EPN), bringing the total number of payment formats supported by the solution to 78. Support for ABA transit number validations has also been added to the solution.
The new release includes entry screens for various automated clearing house (ACH) and wire payments, providing the required functionality for companies to deliver validated payment instructions to their banks. Enhanced support for capturing remittance information is also available, making the solution fully compliant with the STP 820 and ISO 20022 payment initiation standards. The upgraded solution provides several new standard reports and facilitates integration with third-party reporting tools.
Craig Jeffery, managing partner and founder of the treasury consulting firm Strategic Treasurer, said, “The majority of sizable corporations seek better control and enhanced visibility over their bank accounts, cash management structures and exposures. Automating corporate-to-bank processes with what SunGard refers to as a ‘corporate transaction banking system’ is an important component to achieving these goals. It helps standardize payment flows and helps companies to rationalize and use their bank structure optimally. It also helps enhance control over cash flow planning and fund movements.”
Andrew Owens,managing director global payments solutions for SunGard’s AvantGard business unit, said, “With the latest release of AvantGard Payments, we are demonstrating our commitment to evolving the AvantGard Trax solution from a payment factory into a corporate transaction banking system. US-based customers will benefit from being able to send and receive payment files in NACHA and STP 820 formats. This functionality will help companies to better standardize their corporate-to-bank business processes across banks, entities, regions and transaction types.”
To learn more about the benefits of corporate transaction banking systems and to read the white paper, The Move to Corporate Transaction Banking, please click here.
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.