22 October 2002 â The increasing globalisation of business means that international funds transactions are becoming more commonplace. However, despite the advent of the Euro, fully automated cross-border transactions still remain particularly difficult to manage due to the range of clearing houses, incompatible software products, local transaction charges and bank-to-bank variances across Europe.
Albany Software has launched Albany eBANK, the industry's first integrated software application that enables companies trading in Europe to manage Electronic Funds Transfer payments between multiple countries.
eBANK provides the fundamental integration required between a company's accounting system and UK / European bank solutions in use within a local European market where a cross-border funds transaction is taking place. This enables international payments to be completed as easily as if they were domestic UK transactions, helping companies trading in Europe to drive down administration costs and resources whilst improving cash-flow management.
Countries currently supported by eBANK include the UK, Ireland, Belgium, The Netherlands, Luxembourg, The Baltic States (Estonia, Latvia and Lithuania), Germany, France, Spain, Portugal and Austria, with other countries coming on stream soon.
Adrian Stafford-Jones, Founder and Managing Director of Albany Software, comments, "eBANK is the only integrated software application in the market that can support domestic and foreign payments across 20 different banks and 13 different European countries. This level of flexibility will make international transactions much faster and cheaper and we believe it will open the door for more companies to start trading across Europe."
He continues, "eBANK removes the burden of managing cross-border transactions, eliminating common problems such as manual data entry between disparate systems, language barriers, high operational costs and lengthy payment cycles. Companies operating in Europe will now be able to manage regular payment schedules which will improve cash-flow and ensure they maintain good relations with trading partners."
eBANK has initially been developed as a fully integrated module of Microsoft Business Solutions accounting systems and is available for Version 7 of Great Plains. As part of its second phase of product development, Albany Software plans to integrate eBANK with other accounting software products.
A key feature of eBANK is that it is fully scaleable allowing users to implement bank definitions for countries where they hold originating accounts. Further modules may be implemented as business activities demand the addition of a further country.
Prior to processing, eBANK will validate the bank account number, bank code, bank branch code and bank check digit to ensure successful processing of funds. Using the powerful ISCD (Industry Sort Code Database), eBANK will confirm the validity of all UK bank account and sort code details, whilst European domestic transactions will be validated using country-specific Modulus Checking. Cross-border transactions will use International Bank Account Number (IBANâ ) and Bank Identification Code (BIC) validation (where supported).
Stafford-Jones concludes, "Albany is the only company to have developed a consistent banking interface for companies trading across Europe. There is no other comparable integrated software available that can support domestic and foreign payments, which means we have an excellent opportunity to stay at the forefront of the market for cross-border electronic funds transactions."
For more information please contact Emma Bissett at +44 (0) 1420 547620