SunGard has upgraded its AvantGard Payments solution to provide enhanced payment workflows to help US-based organisations standardise and centralise their corporate-to-bank processes and promote best practices.
The latest release of AvantGard Payments, also known as Trax, offers support for a wide range of global payment formats including: Nacha and the STP 820 EDI format from the Electronic Payments Network (EPN), bringing the total number of payment formats supported by the solution to 78. Support for American Bankers Association (ABA) transit number validations has also been added to the solution.
The new release includes entry screens for various automated clearing house (ACH) and wire payments, providing the required functionality for companies to deliver validated payment instructions to their banks. Enhanced support for capturing remittance information is also available, making the solution fully compliant with the STP 820 and ISO 20022 payment initiation standards. The upgraded solution provides several new standard reports and facilitates integration with third-party reporting tools.
Craig Jeffery, managing partner and founder of the treasury consulting firm Strategic Treasurer, said: “The majority of sizable corporations seek better control and enhanced visibility over their bank accounts, cash management structures and exposures. Automating corporate-to-bank processes with what SunGard refers to as a ‘corporate transaction banking system’ is an important component to achieving these goals. It helps standardise payment flows and helps companies to rationalise and use their bank structure optimally. It also helps enhance control over cash flow planning and fund movements.”
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