BB&T employs GXS Managed Services for b2b financial transactions
29 November 2005 | 2000 views | 0
GXS, a leading provider of business-to-business (B2B) e-commerce solutions, today announced that Branch Banking and Trust (BB&T) has deployed GXS Managed Services for the management of its B2B financial transactions.
Complementing its existing payment services, BB&T's Treasury Management team is launching a highly-integrated electronic commerce solution using GXS Managed Services to exchange payables and receivables information with its business clients. The solution will reduce manual business processes, improve transaction monitoring and increase efficiency for both BB&T and its clients.
With a strong focus on client satisfaction and a broad base of business customers, both large and small, BB&T strives to reduce business banking complexity for customers and to meet clients' needs for automated solutions that can be easily integrated with internal accounting systems. As such, BB&T plans to unveil a new electronic commerce solution with an emphasis on automating its clients' payables and receivables, thus streamlining financial information throughout the supply chain. GXS Managed Services will support the processing of these financial transactions conducted in various formats and communication protocols. GXS provides document translation in a wide variety of standards and application formats, converting proprietary formats for export or import into other systems. As a result, BB&T's treasury management clients can receive files in application-specific formats such as SAP, Oracle or JD Edwards, or vertical industry-specific formats such as EDI, CIDX, PIDX, RosettaNet and AS2.
"At BB&T, we have a clear understanding that clients deserve a structured and comprehensive solution where we can demonstrate specific improvements across their entire payments spectrum. We required a solution provider with proven experience in the financial services market that would make transaction processing transparent and secure for our clients," said Mark Schuch, vice president, BB&T Treasury Management. "With its strategic suite of electronic commerce products, GXS inarguably has the strongest outsourced B2B solution. Our partnership with GXS will drive our ability to respond quickly to our clients' needs to improve business processes, by eliminating obsolete manual and paper-based elements of their payments process."
GXS Managed Services allows customers to maintain full internal control of their IT investments and existing infrastructure, while outsourcing the day-to-day management and monitoring of B2B e-commerce transactions. Organizations that use GXS Managed Services are empowered to free up internal resources to focus on core business objectives, reduce costs and fill gaps in a customer's internal expertise.
"Today, an increasing number of financial institutions are expanding their use of B2B e-commerce technologies to better serve business clients," said Steve Keifer, vice president of industry solutions and product marketing at GXS. "We understand the unique challenges faced by financial institutions, and the need to get product solutions to market quickly and efficiently. By partnering with GXS, BB&T is immediately positioned to enhance its suite of treasury management services and respond more quickly to their clients' evolving needs."