New York, NY (Vocus) May 11, 2010
SunGard has announced that the AvantGard PayNetExchange solution will now offer Check-to-Card Migration Services, powered by Virtual Card technology, helping organizations execute card payments with integrated rebate programs. In addition to helping companies increase efficiency and transparency in their payment processing, AvantGard’s virtual cards offer the potential for rebate accrual.
AvantGard PayNetExchange provides companies with a way to execute payments by migrating costly check disbursements to electronic payments, such as Automated Clearing House (ACH), wire, SWIFT, and now, virtual card. The solution leverages a company’s existing A/P processes, systems and bank relationships, which means that there is no investment in costly infrastructure. AvantGard PayNetExchange can execute payments in multiple formats, and also offers a service to convert vendors from checks to electronic payments such as ACH. Now, these vendors can also accept card payments via a virtual card for faster processing, and certain payers can benefit from a rebate program.
Virtual cards are single-use, unique card numbers with fixed credit limits that are set based on a given company’s payment instructions. Companies can use virtual cards in lieu of paper checks to securely pay invoices and A/P disbursements either online or over the phone. Adopting an electronic B2B payment strategy that incorporates virtual cards can help a company reduce A/P payment processing costs, streamline the A/P process, and if applicable, generate revenue through a card rebate program.
With the use of v-Cards, companies can obtain rebates on check disbursements that are migrated to virtual card payments. The option to migrate to card payments and rebate program is facilitated by a connectivity point through PayNetExchange. These rebates are based on a defined percentage of total monthly spend and are paid out to a company on a monthly basis.
Mike Kresse, senior vice president of payments services for SunGard’s Corporations business, said, “Many companies are still unable to migrate from check payments even though it is often costing approximately $1.50 USD or more per transaction according to E-Payables: Electronic Payments report published by Aberdeen in July 2009. Migrating these check payments to ACH can help reduce that cost by 80% or more. Even more compelling is that the migration of even just a small portion of these check payments to virtual card can transform Accounts Payable from a cost center to a revenue generator.”
To learn more about AvantGard PayNetExchange, please see the animated brochure, Leaving the Check Behind:
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 380 on the Fortune 500 and is the largest privately held business software and IT services company.
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