Toronto, Canada (PRWEB) September 20, 2011
SWIFT has selected SunGard’s AvantGard eBAM portal (electronic bank account management) together with SunGard’s EcoSystem Communication Hub (Echos) for its eBAM Central Utility Pilot. The goal of the pilot is to increase global adoption of the standards by creating an eBAM ‘hub’ to address the country and bank-specific variances of the standards.
The initiative is being championed by SWIFT's Innovation team, which is tasked with identifying and, where appropriate, ‘incubating' ideas for new solutions to address industry challenges. As part of the initial exploration of the eBAM ‘hub’ concept, SWIFT selected SunGard for the pilot project.
“While the ISO 20022 XML messages standardize the key information needed for eBAM, many corporations and banks have been unable to realize the full benefits of these due to a lack of a central repository where country and bank specific eBAM requirements are maintained and made available to software vendors and corporations,” explained Carlo Palmers, corporate market solution manager with SWIFT.
The SunGard solution is built on a combination of its Infinity* platform and its Echos solution, which shares the same technology that SWIFT uses for financial messaging. “We have been working with SWIFT for several months now on this pilot project,” said Kurt Vandebroek, vice president, product management, SunGard’s AvantGard. “Banks and their clients continue to be challenged to achieve straight-through processing of eBAM messages. SWIFT has provided a set of standards and protocols that will help reduce the costs incurred by corporations and banks around account management, and together we will find a way to help the entities comply more easily with the bank and country specific variants.”
- SunGard Financial Systems is pursuing a visionary initiative to transform some of the key functionality of its core systems into components creating SaaS solutions. Leading this strategy is Infinity, which uses SunGard's Infinity Application Framework (IAF), a service-oriented architecture (SOA) development framework, its business process management (BPM) platform IPP and a virtualized, software-as-a-service (SaaS) infrastructure to form a new software development and on-demand delivery environment.
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 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.
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.