Nordea and SunGard team on treasury STP

Nordea and SunGard team on treasury STP

Scandinavian bank Nordea has teamed with SunGard to offer clients direct access to its cash management services from the vendor's AvantGard treasury system.

By combining the AvantGard treasury bank connectivity system with Nordea's cash management services and a secure messaging network, SunGard says customers will benefit from Internet-enabled straight-through processing across a range of payment and reporting services.

Claus Asbjorn Stehr, head, cash management sales, Nordea, says: "The relationship between SunGard and Nordea will provide our mutual customers with an efficient and convenient method of accessing vital account data and treasury management services."

Northern European energy conglomerate Dong Energy expects to benefit from the link as a Nordea client and AvantGard Treasury user. The firm currently retrieves balance reporting for its Nordea accounts in Norway, Finland, Sweden, Poland, Germany and the UK through AvantGard Treasury and is about to go live with treasury payments in the same six countries.

Morten Buchgreitz, senior vice president of group treasury at Dong Energy, comments: "The end-to-end straight-through processing significantly reduces our operational risk and helps enhance transparency. In an environment where the importance of compliance grows day-by-day this is very important to us."

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