SunGard has reached an agreement on the acquisition of Syntesys, a European Swift service bureau, in a bid to expand its outsourcing service for corporate to bank messaging.
According to SunGard, the acquisition will strengthen its AvantGard Ecosystem Communication Hub (Echos) by adding the service bureau capacity and locations as well as a suite of SwiftReady services.
The services provided include data normalisation, transformation and enrichment of messages via Swift or other financial messaging networks. The management and staff of Syntesys will join SunGard and will be based in France, the United Kingdom, Switzerland and Germany.
"Facilitating connectivity between corporations and their trading partners, particularly banks, is a core component of our growth strategy," says Scott Coffing, president of SunGard's corporate liquidity business. "We will deliver managed Swift connectivity together with services such as eBAM, statement aggregation and payments management to both corporations and banks."