The end-to-end straight-through processing significantly reduces our operational risk and helps enhance transparency. In an environment where the importance of compliance grows day-by-day this is very important to us.
London (Vocus) April 24, 2009
SunGard’s AvantGard and Nordea Bank have formed a relationship that will provide Nordea’s customers with direct access from SunGard’s AvantGard Treasury solution to Nordea Bank’s treasury management services using AvantGard Treasury Bank Connectivity.
SunGard’s AvantGard offers market neutral and vendor neutral connectivity to trading partners and banks. It helps corporate users, in association with exchange partners, to gain a holistic view of all global cash positions. By combining the AvantGard Treasury Bank Connectivity solution with Nordea’s treasury management services and a secure messaging network, SunGard and Nordea are able to offer Internet-enabled straight-through processing across a range of payment and reporting services.
Claus Asbjorn Stehr, head of cash management sales at Nordea Bank, said, “The relationship between SunGard and Nordea will provide our mutual customers with an efficient and convenient method of accessing vital account data and treasury management services. It will also help ensure that their treasury needs are met both today and going forward.”
DONG Energy, one of the leading energy groups in Northern Europe, and a customer of Nordea, uses SunGard’s AvantGard Treasury. DONG Energy retrieves balance reporting for their Nordea accounts in Norway, Finland, Sweden, Poland, Germany and the UK through AvantGard Treasury and is about to go live with treasury payments in the same six countries. Morten Buchgreitz, senior vice president of group treasury at DONG Energy, said, “The end-to-end straight-through processing significantly reduces our operational risk and helps enhance transparency. In an environment where the importance of compliance grows day-by-day this is very important to us.”
Andrew Woods, group vice president of treasury solutions for SunGard’s corporations business, commented, “This creates a great opportunity for our customers to simplify their treasury management processes through the direct bank connectivity and integration that AvantGard provides with Nordea’s treasury management services.”
About Nordea Bank
Nordea Bank, the leading Nordic financial services group, has around 10 million customers, approximately 1,400 branch offices and a leading netbanking position with 5.1 million e-customers. The Nordea share is listed on the NASDAQ OMX Nordic, the exchanges in Copenhagen, Helsinki and Stockholm.
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 http://www.sungard.com/avantgard.
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, including the world’s 25 largest financial services companies.
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 472 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 five times. For more information, please visit SunGard at http://www.sungard.com.
*January 2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com
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