Sun Microsystems and Bank of America Pilot New Solaris-based Payments Processing System to Help Improve Treasury Efficiency.
BOSTON -- Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. and Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , a key provider of treasury services Treasury services is a function of an investment bank which provides transaction, investment and information services for chief financial officers, treasurers. Treasury services concentrates and invests client money, and provides trade finance and logistics solutions as well as to Sun, are breaking new ground with a pilot of the ISO (1) See ISO speed.
(2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 20022 global financial messaging standard for end-to-end payment processing. Running on Sun's own Solaris 10 [TM] Operating System operating system (OS)
Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. , the pilot will help Sun achieve full end-to-end automation of payment processing operations around the world.
"In redesigning Sun Microsystems's Treasury architecture, we are relying on industry standards such as ISO 20022 and SWIFT for Corporates," said Brad Vollmer, Assistant Treasurer, Sun Microsystems. "Standardizing our business processes and systems interfaces using these systems and our own internal ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. platform running on Solaris, we anticipate achieving significant efficiencies."
"Today our payments are in multiple formats and must go through many communication vehicles before they arrive at Bank of America. We saw an opportunity to use Bank of America's ISO 20022 XML XML
in full Extensible Markup Language.
Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. payment pilot to transform its payables systems into a single global platform," said Sander Rijlaarsdam, Procure-to-Pay Architect, Sun Microsystems. "XML and Java CAPS enables Sun to migrate to one global payments solution - one software package, one messaging format, one interface for direct communication with Bank of America, and a common set of processing steps."
Sun is using its own Java [TM] Composite Application Platform Suite (Java CAPS) software for the transmission of payments data to Bank of America to comply with the SWIFT ISO 20022 XML industry standard. Java CAPS was recently certified with the SWIFT Gold Label, for the ninth year in a row - confirming that the Sun solution is fully compliant with the 2007 SWIFT standards.
Leveraging its existing relationship with Bank of America, Sun is using a phased approach for the pilot implementation. Sun will initially focus on sending credit transfers to the bank and receiving acknowledgements in the form of payment status reports in return. The new credit transfer process enables Sun to send any type of payment instruction, including checks, wires, and drafts, in a single message. Future developments will focus on account reporting and credit notification.
Susan Colles, Senior Vice President, Global Corporate Solutions and Support, Bank of America said, "We're delighted to be piloting this project with Sun Microsystems, a long-time valued client. With the publication of the ISO standards, the business community now has a set of global XML messaging standards that has been accepted by the financial industry. We look forward to building out our platform so we can offer other customers the opportunity to streamline global payments processing into more efficient and cost-effective systems."
Bank of America intends to make the credit transfer capability more broadly available to clients by the first quarter of 2008.
The Treasury project with Bank of America is part of a major redesign of Sun's business-to-business IT infrastructure which sees the organization moving to an enterprise-wide XML-based service-oriented architecture (SOA (1) (Start Of Authority) The first record in a DNS zone file. See DNS records.
(2) (Service Oriented Architecture) The modularization of business functions for greater flexibility and reusability. ).
About Sun Microsystems
Sun Microsystems develops the technologies that power the global marketplace. Guided by a singular vision -- "The Network is the Computer" -- Sun drives network participation through shared innovation, community development and open source leadership. Sun can be found in more than 100 countries and on the Web at http://sun.com.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 57 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 22 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA SBA
Small Business Administration
Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE NYSE
See: New York Stock Exchange :BAC BAC
blood alcohol concentration ) is listed on the New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. .
Bank of America is a leading global provider of integrated working capital management and treasury solutions to business and corporate clients of all sizes, financial institutions and governments worldwide.
About ISO 20022
ISO 20022 Universal Financial Industry message scheme, UNIFI UNIFI Università Degli Studi Di Firenze (University of Florence, Italy)
UNIFI Universal Financial Industry Message Scheme (business modeling methodology and XML syntax) , is a globally registered set of universal standards that gives the financial industry a common platform for developing financial messages in a standardized XML syntax. The Payment and Cash Management standards were developed under the auspices of the International Organization for Standardization International Organization for Standardization (ISO)
Organization for determining standards in most technical and nontechnical fields. Founded in Geneva in 1947, its membership includes more than 100 countries. (ISO), a non-governmental organization of national standards institutes that facilitates industry-wide standardization through global consensus on a reference framework, or common technological language.
The ISO 20022 Payments Standard Evaluation Group (SEG n. 1. (Bot.) Sedge.
2. The gladen, and other species of Iris.
1. A castrated bull. ) brings together country representatives, clearing channels, banking industry organizations, and other standards groups that address the exchange of corporate-to-bank and bank-to-bank financial messages. SWIFT has been an active participant in the initiative, given its role as a standards organization involved with defining and developing financial messages and its interest in enabling the financial community to communicate with its corporate customers using a standard message language, either on SWIFT's secure network and infrastructure or on other transport networks.
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