CALGARY, Canada - February 14, 2002 - alterna™ Technologies Group Inc., the premier provider of global e-finance solutions, today announced the launch of its abix™ bank and transaction network initiative to provide open and reusable standards-based connections for corporate and institutional clients, their accounting systems and their banks.
abix stands for 'alterna bank information exchange'. abix-certified interfaces offer an advanced mechanism for processing account balance and transaction information, payments and related messages between alterna's liquidity management platform, abix member banks and their mutual clients. This means that member banks will be able to offer their customers the unique opportunity to obtain detailed information about their accounts, carry out transactions across these accounts and derive critical liquidity information using the alterna platform.
alterna has been working with many banks worldwide to integrate information and settle transaction flows on behalf of corporate customers for over four years covering nearly 90 countries. Over the past 12 months, alterna identified the need to further streamline the connectivity between banks and its platform, leveraging industry standards to deliver enhanced value to all stakeholders. alterna is already working with initial premier abix banks world-wide to develop and certify these flexible interfaces that substantially reduce implementation time and lower costs for banks and their clients. Nearly 80 interfaces will be certified by the end of June 2002.
"The key to true value and realizing cost savings across the financial supply chain is the streamlined exchange of information and transactions between banks and their corporate customers," said Gonzalo Naranjo, alterna's President and CEO. "abix eliminates the information bottlenecks commonly found where corporations have to deal with multiple banks. By providing open, re-useable interfaces, abix facilitates seamless integration, straight-through processing and reduces the time and cost of building and maintaining interfaces. alterna is committed to leading the drive toward optimizing efficiency of the financial supply chain."
In a recent report , Killen & Associates, a leading market research firm that specializes in the financial supply chain, said that it is not uncommon for one business entity of a Global 2000 corporation to pay US $150,000 to connect one complex enterprise resource planning (ERP) system. "That is $140,000 too much," said Michael Killen, Chairman, Killen & Associates. "Furthermore, that system is for only one bank and entities have multiple ERP systems in various countries. Therefore, a lot of duplication of resources and costs exists. Investing in a group-level interface would provide better services for far less cost."
In today's financial supply chain, standards for data exchange are not used uniformly from country to country, bank-to-bank or client-to-client. Barriers arise when corporations begin to adopt multiple disparate bank systems to support growing global operations. Moreover, building and operating one-off data exchange interfaces between corporations and their multiple banks is a complex, time and budget-consuming task, especially where connectivity must be secure and robust enough to carry financial data.
By creating re-useable interfaces based on recognized global standards for message format, file delivery and security, abix enables corporations to link their ERP and accounting systems through alterna's liquidity management platform to any financial institution. A campaign is underway to enroll many more international, regional and local banks in abix. Upon joining the abix community, a member bank will work with alterna to further streamline generic, reusable and open interfaces for multiple clients on a worldwide basis. Certification of the bank interfaces can be done on a country, regional or global basis. Additional advantages to abix members are the ability to extend their service reach and suite of corporate services while enhancing their relationships with existing customers.