New York, NY (Vocus/PRWEB) April 04, 2011
SunGard’s integrated B2B electronic payments solution, AvantGard PayNetExchange, has processed more than $96 billion in transactions in 2010. The volume of electronic payments being processed with the solution has also increased by 52% from approximately 1 million in 2009 to more than 1.5 million in 2010.
“The substantial growth in transactions processed with the AvantGard PayNetExchange solution over the course of 2010 is due largely to an increasing number of corporations gaining an understanding of the benefits that can be realized by adopting an electronic payments strategy, including eliminating the costly and inefficient processes surrounding printing and mailing paper checks. With AvantGard PayNetExchange, corporations are given a practical path to transitioning more of their accounts payable (A/P) disbursements to ACH, wire, SWIFT or virtual card payments, without needing to devote resources to changing their existing processes or hardware,” said Mike Kresse, senior vice president of payments services for SunGard’s corporate liquidity business.
AvantGard PayNetExchange helps companies execute B2B payments by offering a single portal that can initiate payments in check, ACH, wire, Card, SWIFT and other formats. The platform also facilitates migration from paper checks to Automated Clearing House (ACH), wire, SWIFT and card payments, leveraging a global directory of vendor account details. As a SaaS solution, AvantGard PayNetExchange helps alleviate the need for costly infrastructure build-outs or heavy IT maintenance.
“Increasingly corporations are realizing the inefficiencies and labor-intensive processes that are involved in processing paper checks. We see many corporations adopting electronic payments strategies that can reduce the cost and inaccuracies related to manual payments processing, and in effect aid them in streamlining their payments approach and improving liquidity management,” said Nancy Atkinson, Senior Analyst, Aite Group, LLC.
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 about $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company. Look for us wherever the mission is critical. For more information, visit http://www.sungard.com.
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.