OPEN SCAN is a complementary fit to SunGard's AvantGard suite of financial services solutions
Denver, CO (Vocus) March 25, 2010
SunGard has selected Open Scan Technologies, Inc. (OPEN SCAN®) to join the AvantGard EcoSystem Community, helping SunGard to expand its AvantGard Receivables solution suite to offer remittance data capture. OPEN SCAN helps customers of SunGard’s AvantGard reduce lockbox processing fees and lower Days Sales Outstanding (DSO), as well as improve the speed, accuracy and cost of existing remittance processing.
By bringing OPEN SCAN into the AvantGard EcoSystem, customers will have access to the full scope of functionality from OPEN SCAN, feeding the data directly to the AvantGard Receivables solution for holistic credit and collections management. For example, YRC Worldwide, a Fortune 500 company and one of the largest transportation service providers in the world, uses OPEN SCAN and AvantGard. The solutions have helped YRC Worldwide save money in lockbox fees, while also creating efficiencies and providing increased transparency into its accounts receivables (A/R) operation.
By joining the AvantGard EcoSystem Community, OPEN SCAN becomes an important component of SunGard’s AvantGard strategy, which seeks to streamline connectivity and communications between the network of corporations, banks and other trading partners in the corporate commercial ecosystem.
OPEN SCAN and AvantGard help customers automate remittance processes that are today either manual or outsourced to a bank lockbox. This helps create a faster, less expensive and more accurate way to process client payments, helping companies lower their DSO, reduce bank fees and improve hit rate accuracy. These improvements affect not only the A/R department but other departments as well – from treasury to credit to sales – that rely on an up-to-date picture of their clients’ payments.
With OPEN SCAN and SunGard’s AvantGard Receivables, companies have the capability to better manage their entire cash cycle by feeding the remittance data straight into the cash application solution. Companies that perform cash application processing within their Enterprise Resource Planning (ERP) systems, bypassing the AvantGard credit and collections solution, can also benefit as there are flexible deployment and integration options.
Kelly Kendall, senior director, Revenue Management, at YRC Worldwide, said, “Since deploying OPEN SCAN software to process lockbox feeds, our overall handling costs have dropped, payments are applied faster and the frequency of processing errors has been reduced. Using OPEN SCAN, receivable items are cleared in a more timely and accurate manner from our AvantGard Receivables collections program, helping us focus on truly unpaid receivable items.”
“OPEN SCAN is a complementary fit to SunGard’s AvantGard suite of financial services solutions," said Nadine Lange, OPEN SCAN president and chief executive officer. "By being selected to join the AvantGard EcoSystem Community, we can jointly provide corporations with a solution that addresses the entire order-to-cash process including integrated payments, A/R automation, dispute resolution, and credit and collections."
Scott Coffing, chief operating officer of SunGard’s corporations business, said, “We welcome OPEN SCAN as new members of the AvantGard ecosystem Community. SunGard’s collaboration with OPEN SCAN for its AvantGard Receivables solution supports our mission of helping our customers network across their ecosystem of buyers, suppliers, banks and other trading partners. As a member, OPEN SCAN can help bring efficiency and transparency into our customers’ remittance processing, resulting in lower lockbox fees, and faster application of cash for a lowered DSO.”
About OPEN SCAN
Open Scan Technologies, Inc. (OPEN SCAN®) develops enterprise receivables process management software for corporations. The software addresses the entire receivables function from image and data capture through remittance processing and receivables matching, to deduction / dispute resolution, to cash application. Corporations, financial institutions, and government agencies that receive either electronic or paper payment and remittance documents realize the highest levels of automation, data accuracy and operational savings for their receivables processing environments.
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 http://www.sungard.com/avantgard.
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 435 on the Fortune 500 and is the largest privately held business software and IT services company.
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