Scandinavian industrial group ABB is using Nordic Financial Systems Edifact Engine to institute a treasury trading link with Danske Bank for the straight-through processing of multi-bank payments and money transfer instructions.
NFS's Edifact Engine was developed in cooperation with ABB in line with the STP requirements of Danske Bank. Danske is using the Engine for direct communications with ABB's treasury trading system, replacing manual processes such as faxing and printing.
The software handles all parts of the Edifact message interchange including acknowledgement and error messages
Tina Hallsten, head of treasury administration, ABB says he plans to implement the system with other banks.
Magnus Lind, CEO, Nordic Financial Systems, comments: "We now have a proven solution that can be used by corporates and financial institutions to enable complete STP."