SunGard has launched AvantGard SEPA Converter, a web-based utility that will help corporations convert their electronic cross-border euro payments into a standardised format that complies with the single euro payments area (SEPA) initiative. AvantGard SEPA Converter is delivered on a software-as-a-service (SaaS) basis and provides a click-and-buy, pay-as-you-go model.
To participate in the SEPA initiative, a company can convert euro-denominated cross-border payments into electronic payments using ISO 20022. This typically requires either a bank or an in-house technology solution to convert payments. AvantGard SEPA Converter will help companies correctly convert and format cross-border electronic payment files to the SEPA standard on an as-needed basis, helping them to reduce bank charges. The SaaS model delivers additional cost efficiencies by helping companies avoid costly implementation and maintenance fees and instead focus their scarce IT resources on strategic business goals.
“A challenge facing many small- and medium-sized companies is that their in-house or ERP systems are not flexible enough to adapt to changes without the investment of significant time and cost,” said Andrew Owens, senior vice president, global payments, SunGard’s AvantGard business unit. “AvantGard SEPA Converter is offered on a SaaS basis, helping companies quickly gain access to a solution for payment format conversion. By passing payments through an online portal, corporations can convert to SEPA-compliant payments more quickly and easily, helping to increase straight-through processing (STP) and helping reduce overall costs for cross-border transactions.”
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