Deerfield, IL (PRWEB) July 12, 2011
Walgreen Co., one of the largest US-based drugstore chains, has selected SunGard to deliver a comprehensive treasury, risk and cash management solution with managed bank connectivity and direct access to a short-term cash management portal. Walgreens will deploy the AvantGard Treasury solution in a private cloud environment with connectivity to AvantGard Echos (EcoSystem Communication Hub) for streamlined access to banks, SWIFT and associated bank communications services.
AvantGard Echos will provide Walgreens with bank connectivity through an integration and communication layer that interfaces to its in-house applications as well as the AvantGard Treasury solution. The complete SunGard solution will help Walgreens streamline communications and reduce costs associated with managing its more than 17 banking relationships.
Walgreens will use AvantGard Treasury to replace manual processes and help gain improved transparency of data. The solution will be delivered in SunGard’s private cloud via the Infinity* platform, which will facilitate a quick implementation timeframe and eliminate the need for the company to devote additional IT resources for upkeep of the system. Furthermore, the treasury solution will be interfaced with the SGN Short-Term Cash Management Portal to help Walgreens monitor its money market funds through a single, secure connection. The portal will also offer straight-through-processing (STP) to the company’s AvantGard Treasury system.
Dan Morrell, Walgreens director of finance, said, “We selected SunGard because it offers a complete solution for treasury and investment management, as well as the infrastructure and services for improved bank connectivity. Because the applications are available in a private cloud environment, we are confident that our operating costs will be kept down and scalability for future growth will be supported.”
Scott Coffing, president of SunGard’s corporate liquidity business, said, “Process inefficiencies and a lack of standardization in connecting to banks are major challenges for corporations. AvantGard helps alleviate these issues by giving corporations the ability to link to all of their banking partners, without the need to manage multiple interfaces. For large organizations like Walgreens, this ease of connectivity and the benefit of consuming bank services in a managed environment helps lower operational costs, increase data transparency and improve efficiencies.”
- SunGard Financial Systems is pursuing a visionary initiative to transform some of the key functionality of its core systems into components creating software-as-a-service (SaaS)-based solutions. Leading this strategy is Infinity, which uses a service-oriented architecture (SOA) development framework, offers a business process management platform (Infinity Process Platform) and a virtualized, on-demand delivery infrastructure.
Walgreens (http://www.walgreens.com) is the nation's largest drugstore chain with fiscal 2010 sales of $67 billion. The company operates 7,714 drugstores in all 50 states, the District of Columbia and Puerto Rico. Each day, Walgreens provides nearly 6 million customers the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. Take Care Health Systems is a Walgreens subsidiary that is the largest and most comprehensive manager of worksite health centers and in-store convenient care clinics, with more than 700 locations throughout the country.
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 more than 25,000 customers in more than 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 of about $5 billion, SunGard is ranked 434 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, please 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.
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