Printer Friendly

Sun Microsystems and Bank of America Pilot New Solaris-based Payments Processing System to Help Improve Treasury Efficiency.

BOSTON -- Sun Microsystems and Bank of America, a key provider of treasury services to Sun, are breaking new ground with a pilot of the ISO 20022 global financial messaging standard for end-to-end payment processing. Running on Sun's own Solaris 10 [TM] Operating System, 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 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 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).

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

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) 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:BAC) is listed on the New York Stock Exchange.

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, 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 (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) 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.

Sun, Sun Microsystems, the Sun logo, and Solaris are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries.
COPYRIGHT 2007 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007, Gale Group. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Oct 2, 2007
Previous Reports True Cost of Incentives for September: Incentives Low as Automakers Hold Fast to "Value Pricing" Strategy.
Next Article:Asentria Introduces TeleBoss Series of Telemanagement Products to Improve Management of Remote Voice and Data Equipment.

Related Articles
Newood constructing new plant.
These Ducks sit on the pond for glory of the green and yellow.
Entry into Autzen Stadium goes digital.
Save gas, clean the air.
Bank exercise plans for disaster.
Aircraft Supplier & MRO News.
Company Watch - Amadeus Systems.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters