SunGard Acquires Trax.Will Expand Payment Processing Capabilities of AvantGard Solution Suite for Collaborative Financial Management NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- SunGard (http://www.sungard.com) today announced that it has acquired Belgium-based Trax NV, a leading supplier of payment processing software solutions. The acquisition of Trax extends AvantGard's solution suite for collaborative financial management by providing increased connectivity and expanded payment processing capabilities to corporations and financial institutions. Trax will be integrated into the AvantGard solution suite and will be called AvantGard Payments (http://www.sungard.com/avantgard). The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGard's financial results. Collaborative Financial Management (CFM (Cubic Feet per Minute) The measurement of air flow. Cooling fans are rated in CFM. ) is AvantGard's business process framework that is helping organizations to integrate treasury, risk and cash management, receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and payments processing. CFM helps streamline interactions between suppliers, buyers, banks and trading, customer and partnership relationships, with aggregated real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. , enterprise-wide financial data and straight-through processing straight-through processing The direct exchange of cash and securities. Straight-through processing is a major objective for cross-border transactions that are generally much more costly to settle compared to domestic transactions. . AvantGard Payments extends the capabilities of CFM by helping corporations, financial institutions and public sector organizations to more efficiently manage multi-bank relationships and to increase the capacity to handle vendor payments and payroll with expanded connectivity and distribution options. It helps customers to take advantage of connecting to payment networks, including SWIFTNet, with increased connectivity and distribution options while helping improve controls for Sarbanes-Oxley. AvantGard Payments also helps companies and financial institutions in their preparations for the Single European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Payments Area (SEPA SEPA® Soft enhancer of percutaneous absorption Therapeutics A technology that enhances transdermal drug delivery. See Transcutaneous therapy. ). Hans Cobben, chief executive officer and co-founder of Trax, said, "Over the last three years Trax has been developing and marketing its payment solutions to top tier banks and corporations in Europe and beyond. Leveraging SunGard's global resources, knowledge and reach will help accelerate these efforts. AvantGard Payments will help customers benefit from the strength of the solution as part of a comprehensive suite for collaborative financial management." Hans Cobben will join SunGard as chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of AvantGard Payments. "Five years ago we launched multibank connectivity," said Ken Dummitt, president of SunGard's AvantGard business unit. "The acquisition of Trax continues our long-term strategy to offer our customers an efficient, reliable, cost-effective and secure method of communicating and processing payments. As part of the AvantGard solution suite, Trax will help our customers achieve enterprise-wide coverage of payment processing, execution, and routing." Mr. Dummitt continued, "Many corporations and financial institutions have not developed the infrastructure necessary to aggregate enterprise-wide cash information, instead relying on a fragmented frag·ment n. 1. A small part broken off or detached. 2. An incomplete or isolated portion; a bit: overheard fragments of their conversation; extant fragments of an old manuscript. 3. array of tools that lack integration to support their operations. AvantGard Payments now provides the technology for integration, supported by a strong and disciplined management team with deep domain expertise." About Trax Trax provides software solutions to banks and multinationals in order to optimize optimize - optimisation and streamline their payment process and to take advantage of new cash management trends and recent SEPA developments. This leads to compliance with new regulations, higher STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. and significant reduction of operational costs. The Trax platform is very configurable, SWIFT ready-for-use and easy to incorporate in existing infrastructures. Committed to delivering robust and scalable products, Trax has earned a reputation for the strength and innovation of its solutions and the industry knowledge of its consultants. Trax's technology has successfully been implemented in some of the market's most demanding cash management environments. About AvantGard AvantGard is a leading treasury and risk management solution suite offering Internet/intranet-based currency and commodity trading and risk management, order-to-cash management, cash management and accounting within a single environment. AvantGard provides a secure, real-time link between clients/subscribers and financial institutions and other treasury service providers, offering the internal and external straight-through processing of treasury transactions and information via Internet messaging. For more information, visit www.sungard.com/avantgard. About SunGard With annual revenue of $4 billion, SunGard is a global leader in software and processing solutions for 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. , higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world's 50 largest financial services companies. Visit SunGard at www.sungard.com. Trademark Information: SunGard, the SunGard logo, AvantGard and Collaborative Financial Management are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion