BB&T Selects GXS Managed Services to Power B2B Transactions; GXS Solution Streamlines Electronic Banking Transactions Increasing Business Banking Efficiency.GAITHERBURG, Md. -- GXS GXS Global Exchange Services (GE) GXS Gun X Sword (anime) , a leading provider of business-to-business (B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business ) e-commerce solutions, today announced that Branch Banking and Trust (BB&T) has deployed GXS Managed Services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality for the management of its B2B financial transactions. Complementing its existing payment services, BB&T's Treasury Management team is launching a highly-integrated electronic commerce solution using GXS Managed Services to exchange payables and receivables information with its business clients. The solution will reduce manual business processes, improve transaction monitoring and increase efficiency for both BB&T and its clients. With a strong focus on client satisfaction and a broad base of business customers, both large and small, BB&T strives to reduce business banking complexity for customers and to meet clients' needs for automated solutions that can be easily integrated with internal accounting systems. As such, BB&T plans to unveil a new electronic commerce solution with an emphasis on automating its clients' payables and receivables, thus streamlining financial information throughout the supply chain. GXS Managed Services will support the processing of these financial transactions conducted in various formats and communication protocols. GXS provides document translation in a wide variety of standards and application formats, converting proprietary formats for export or import into other systems. As a result, BB&T's treasury management clients can receive files in application-specific formats such as SAP, Oracle or JD Edwards See J.D. Edwards. , or vertical industry-specific formats such as EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. , CIDX CIDX Chemical Industry Data Exchange CIDX Combined Immunodeficiency, X-Linked CIDX Canadain International DX Club , PIDX PIDX Petroleum Industry Data Exchange , RosettaNet and AS2. "At BB&T, we have a clear understanding that clients deserve a structured and comprehensive solution where we can demonstrate specific improvements across their entire payments spectrum. We required a solution provider with proven experience in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. market that would make transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. transparent and secure for our clients," said Mark Schuch, vice president, BB&T Treasury Management. "With its strategic suite of electronic commerce products, GXS inarguably has the strongest outsourced B2B solution. Our partnership with GXS will drive our ability to respond quickly to our clients' needs to improve business processes, by eliminating obsolete manual and paper-based elements of their payments process." GXS has more than 16 years experience and more than 100 clients using GXS Managed Services around the world, including AMI Semiconductor AMI Semiconductor is a company engaged the design and manufacture of customer specific integrated circuit solutions, including solutions for the automotive, medical and industrial markets. Among its products are products that integrate processing of analog and digital signals. , 7th Online, Eight O'Clock Coffee Eight O'Clock Coffee is the brand name of the light roast of coffee introduced by the American supermarket chain A&P in 1919. In the 1929s and 1930s Eight O'Clock coffee had gained over a quarter of the U.S. market share. In 1979 A&P licensed its division Compass Foods, Inc. , Exel Consolidated Services, National Instruments National Instruments, or NI (NASDAQ: NATI), is an American company with over 4,000 employees and direct operations in 41 countries founded in 1976 by Dr. James Truchard, Bill Nowlin and Jeff Kodosky. , OFS (OFS, Norcross, GA, www.ofsbrightwave.com) A manufacturer of optical fibers and interconnect equipment. Formerly the Optical Fiber Solutions (OFS) Group of Lucent, OFS was turned into a stand-alone company acquired by Furukawa Electric in 2001. Portal and Thomson Consumer Electronics. As a key component of GXS Trading Grid(SM), the world's largest trading community, GXS Managed Services allows customers to maintain full internal control of their IT investments and existing infrastructure, while outsourcing the day-to-day management and monitoring of B2B e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. transactions. Organizations that use GXS Managed Services are empowered to free up internal resources to focus on core business objectives, reduce costs and fill gaps in a customer's internal expertise. "Today, an increasing number of financial institutions are expanding their use of B2B e-commerce technologies to better serve business clients," said Steve Keifer, vice president of industry solutions and product marketing at GXS. "We understand the unique challenges faced by financial institutions, and the need to get product solutions to market quickly and efficiently. By partnering with GXS, BB&T is immediately positioned to enhance its suite of treasury management services and respond more quickly to their clients' evolving needs." With 100 percent of Fortune 500 banking and savings institutions as customers, and more than 250 global financial services companies in Brazil, Europe and Asia-Pacific, GXS has a solid track record of delivering B2B solutions to the financial services industry. Leading financial services institutions like Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). , BB&T, and Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. rely on GXS Managed Services to achieve a competitive advantage in this dynamic market segment. According to a recent report from Yankee Group(1), "Managed services providers can help organizations lower the cost to serve customers and suppliers, and ensure they can meet the changing requirements of their trading partner community. They are a faster and more cost-effective option for deploying B2B e-commerce to a wide trading partner base due to their expertise, experience, existing network and shared infrastructure. By addressing the fundamental obstacle in deploying effective B2B e-commerce (i.e., serving as an intermediary to establish technical and process agreements between unique and heterogeneous organizations), B2B managed service providers are emerging as a viable and effective option for enabling B2B e-commerce within and across trading partner communities." About BB&T Currently the ninth largest financial holding company in the nation with more than $107 billion in assets, BB&T offers a comprehensive line of financial services including insurance, capital markets, investments and retail brokerage, international banking and treasury management. BB&T is rated as the No. 1 small business-friendly bank in the nation by the U.S. Small Business Administration, and recently received an overall "Excellent" rating for client satisfaction with cash management services in an independent customer survey conducted by Greenwich Associates. About GXS GXS is a leading global provider of B2B e-commerce solutions that simplify and enhance business process integration and collaboration. Organizations worldwide, including more than 75 percent of the Fortune 500, leverage GXS Trading Grid(SM) to achieve the perfect balance between supply and demand. Active in the global standards arena, GXS solutions enable customers both large and small, to connect with global partners, synchronize product information, optimize inventory levels and demand forecasts, and accelerate the execution of supply chains. Headquartered in Gaithersburg, Md., GXS provides sales and support to businesses and their partners worldwide. For more information visit our Web site at www.gxs.com. All products and services mentioned are trademarks of their respective companies.
(1) Yankee Group, Emerging Demand for B2B Managed Services, Hosted
Integration and Outsourcing, November 8, 2005, Tara Pottebaum.
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