SunGard’s integrated business-to-business (B2B) electronic payments (e-payments) solution AvantGard PayNetExchange has processed more than US$96bn in transactions in 2010. The volume of e-payments being processed with the solution has also increased by 52% from approximately one million in 2009 to more than 1.5 million in 2010.
AvantGard PayNetExchange helps companies execute B2B payments by offering a single portal that can initiate payments in cheque, automated clearing house (ACH), wire, card, SWIFT and other formats. The platform also facilitates migration from paper cheques to ACH, wire, SWIFT and card payments, leveraging a global directory of vendor account details. As a software-as-a-service (SaaS) solution, AvantGard PayNetExchange helps alleviate the need for costly infrastructure build-outs or heavy IT maintenance.
“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 realised by adopting an e-payments strategy, including eliminating the costly and inefficient processes surrounding printing and mailing paper cheques. With AvantGard PayNetExchange, corporations are given a practical path to transitioning more of their accounts payable 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 (SVP) of payments services for SunGard’s corporate liquidity business.
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