- ABB and Danske Bank achieving straight-through processing (STP) and reducing operational risk
Amsterdam, 16 October 2002 - At today's International Cash & Treasury Management Conference in Amsterdam, Nordic Financial Systems (NFS), the provider of technical and business integration knowledge, announced that ABB, a leading multinational in power and automation technologies, is now using NFS's recently developed Edifact Engine to perform the automatic confirmation of payments with Danske Bank. NFS's Edifact Engine is enabling multi-bank payments and money transfer instructions to be made from ABB's treasury management system to Danske Bank. The Edifact Engine will increase efficiency, enable straight-through processing, streamline operations and shorten payment times.
NFS's Edifact Engine was developed in cooperation with ABB in line with the STP requirements of Danske Bank. Danske Bank is now making payments and money transfer instructions using NFS's Edifact Engine reducing operational risk through the eradication of manual processes such as faxing and printing.
The NFS Edifact Engine, which can be implemented by any corporate treasury, handles all parts of the Edifact message interchange including acknowledgement and error messages. With the ability to be integrated with different encryption solutions, the NFS Edifact engine is also system independent and can be implemented in any environment. The level of integration and user interaction is flexible to fulfil the requirements of each organisation.
Tina Hallsten, Head of Treasury Administration, ABB comments "We worked with NFS to develop the Edifact Engine in line with Danske Bank's requirements. NFS's Edifact Engine was easy to implement and is enabling us and Danske Bank to achieve STP while at the same time reducing operational risk. We now hope to work with other banks to implement NFS's Edifact Engine."
Magnus Lind, CEO, Nordic Financial Systems, comments, "The NFS Edifact Engine was developed to enable corporate treasuries to take full advantage of the possibilities and services offered by financial institutions. NFS worked with both ABB and Danske Bank and we now have a proven solution that can be used by corporates and financial institutions to enable complete STP".