B2B ePayments: Using a Social Networking Model to Push Adoption of Electronic Payments to Your Vendors
New York, NY (Vocus) July 13, 2010
SunGard announced that more than 75,000 vendors are currently in its Global Vendor Directory, an online program that helps AvantGard PayNetExchange participants send and receive payments electronically. Customers are able to invite their vendors into the directory using a social network-like model whereby vendors exist in a general directory managed by SunGard and can be invited to join specific payer networks. Once enrolled, vendors can receive payments electronically and retrieve payment and remittance information on the Web via AvantGard PayNetExchange.
AvantGard PayNetExchange is SunGard’s electronic payments solution that helps companies execute payments by facilitating their migration from check to Automated Clearing House (ACH), wire, SWIFT, and virtual card payments, leveraging a global directory of vendor account details. As a Web-based solution, AvantGard PayNetExchange alleviates the need for costly infrastructure build-outs or heavy IT maintenance. With the check-to-card migration services companies are also eligible for integrated rebate programs.
Jeanne Capachin, research vice president of IDC Financial Insights said, “The inefficient and labor-intensive manual processes of paper checks and payments are becoming more apparent as corporations seek to streamline their payment processing and improve liquidity management. Corporations can overcome the traditional obstacles of transitioning to electronic payments by introducing a Web-based platform that offers a centralized database for managing vendor payment details. A social media-like model for inviting vendors to participate in electronic payments can help make the process quicker and more seamless.”
A recent SunGard poll taken during the webcast, “B2B ePayments: Using a Social Networking Model to Push Adoption of Electronic Payments to Your Vendors," questioned participants from mid- to-large-sized corporations on the primary hurdle preventing check to ACH and check to card migration. Forty-eight percent of the participants pointed to an inability to get vendors to accept electronic payments as their top obstacle. Forty-six percent cited IT or internal challenges to implement as the biggest challenge.
Mike Kresse, senior vice president of payments services for SunGard’s Corporations business said, “The migration to electronic payments continues to gain momentum throughout North America. Because some companies are dealing with thousands of customers, the one-to-one approach of inviting a customer to submit electronic payments individually is far too time-consuming. AvantGard PayNetExchange helps solve this challenge by introducing a one-to-many approach. AvantGard’s Global Vendor Directory saves companies time by creating an ecosystem of payers and payees based on a social network-like model, which helps them invite multiple vendors at once to join their online payments community.”
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. For more information, please visit http://www.sungard.com.
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