Source: SunGard Treasury Systems
SunGard Treasury Systems, an operating group of SunGard (NYSE:SDS), today announced that Danfoss A/S, an international group based in Nordborg, Denmark, has implemented SunGard's AvantGard-ETX to provide secure real-time connectivity to its banks, Citibank, Danske Bank and Deutsche Bank.
Danfoss, which develops and produces mechanical and electronic products and controls, has used AvantGard-GTM as its core treasury management system since 1999. AvantGard-GTM has helped Danfoss to increase operational efficiency of its treasury operation, particularly through the implementation of its multi-lateral netting module. Danfoss selected AvantGard-ETX to help it to further reduce costs and to deliver a holistic view of global cash positions, helping to provide improved decision support. AvantGard-ETX uses the latest Internet technology to connect directly to the banks' core systems on a real-time basis for efficient intra-day collection of bank account information.
Paul Melsen Svendsen, vice president responsible for corporate finance and treasury at Danfoss A/S, said, "Our goal was to bring bank balance and statement information as seamlessly as possible, directly from our banks and into the respective accounts in AvantGard-GTM. Through real-time Internet connectivity, avoiding bank workstations and browsers, AvantGard-ETX has provided the secure straight-through processing we require."
Martin Boyd, executive vice president EMEA, SunGard Treasury Systems, said, "Danfoss A/S is an established AvantGard-GTM customer and the successful application of AvantGard-ETX, helping provide cost reduction and improved management reporting, is typical of our partnerships with our customers. AvantGard-ETX helps to reduce costs by providing one interface to the banks and thereby removing the need to maintain several interfaces, reducing administration time on collecting and collating balances and reducing bank fees."