SunGard has announced a new release of its AvantGard Trax payments solution. AvantGard Trax 4.4 offers corporate customers a series of upgrades including integrated workflow support for cut-off times, better support for structured remittance information and an increased choice of connecting to banks with support for EBICS (Electronic Banking Internet Communication Standard).
EBICS is a file transfer protocol used by German corporations and banks to send and receive payment files over the Internet. The EBICS protocol is also being adopted in France. Using the EBICS connector, European-based customers of AvantGard Trax 4.4 will be able to use multiple mechanisms to readily connect to their banks. The solution also leverages the AvantGard EcoSystem Communication Service for single point bank connectivity.
AvantGard Trax 4.4 will offer advanced payment processing functionality and enhanced bank account allocation functionality to facilitate centralization of the payment initiation processes. Customers with operations in the U.S. can use entry screens and payment formats for U.S. automated clearing house (ACH) and wire payments, providing the required functionality for corporations to deliver validated payment instructions to their banks. Enhanced support for capturing remittance information is also available in AvantGard Trax 4.4, making the solution compliant with the ISO 20022 payment initiation standards. The upgraded solution also provides new standard reports, as well as the ability to integrate with third-party reporting tools.
"Bank connectivity has always been a challenge for European-based companies looking to develop multi-bank cash management solutions. However, with the advent of protocols such as EBICS and SWIFT, it has become possible for these corporations to integrate with many banks using one connectivity channel, instead of many different bank proprietary channels," said Enrico Camerinelli, Senior Analyst with Celent, a research and consulting firm focused on the application of information technology in the global financial services industry.
Andrew Owens, managing director of global payments for SunGard's Corporations business said, "With the release of AvantGard Trax 4.4, customers in Europe will now be able to process transactions end-to-end by connecting to their banks via SWIFT and EBICS, helping them to standardise corporate-to-bank business processes and transactions."