provider of global e-finance solutions, today announced the launch of its
abix(TM) 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(1), 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.