FIDES ARS, live on AG-ETX since late 2002, allows corporate users to check account balances and review daily statements online at more than 700 banks and financial institutions around the world, in addition to transmitting standardized transfer orders to several hundred financial institutions globally. The connection between SunGard and FIDES provides treasurers of international businesses full straight-through processing capabilities with regard to cash management, direct from the desktop treasury application through to their global financial partners. FIDES services complement the cash management services banks currently provide corporate clients. Once the ARS service or a payment service is executed, the confirmation, settlement and posting to back-office and accounting systems are fully automated, resulting in straight-through processing.
With this cooperation, FIDES Information Services opens up a new target for its CashScreen Services, in addition to offering its clients access to SunGardâs AG-ETX services with a secure connection to FIDESâs own suite of financial services. For existing AvantGard clients this means additional options for automation and greater efficiency in the back-office. Using AG-ETX, FIDES has expanded its European-based services to several American companies, including New Jersey-based Honeywell, Inc. and Technitrol, Inc. an electronics manufacturing company based in Trevose, PA.
"FIDES Information Services, available through SunGardâs AvantGard, is a key element of our global treasury infrastructure strategy which is designed to provide real-time visibility to banking and financial market activities, enabling Honeywell to improve cash utilization and back-office efficiency," said James Gelly, vice president and treasurer, Honeywell.
"Our access to FIDES Information Services through AvantGard-ETX is yet another value-added element of our important relationship with SunGard, and an example of our commitment to maximizing the effective application of technology to reduce costs and streamline Treasury processes," said Tom Considine, Vice President and Treasurer, Technitrol, Inc.
FIDESâ leading electronic payment and account reporting system provides a large number of corporations around the globe with access to the services of the worldâs largest banks. "We envision a solution that connects the advantages of both suppliers to professionally support a dependable connection in a daily business environment. We accomplish this by maintaining well-established business principles that have been successful for our clients over the past 20 years,â said Dr. Joachim Benn, chief executive officer of FIDES, about the new agreement. "This alliance brings together two leaders in their respective fields and provides the industry with the first consolidated ARS and EFT platform providing corporate users with true STP," Dr. Benn said.
Ken Dummitt, president, SunGard Treasury Systems, commented, "This is a great opportunity for our customers to simplify many of their cash management processes by the direct integration of AG-ETX with FIDES services. It also provides access to a previously unavailable, economical online solution for customers who cannot justify a global cash management infrastructure," he said. "SunGard clients have stated clearly that they view full and seamless straight-through processing as a mandatory part of the electronic cash management service, and this connection between SunGard and FIDES uniquely positions us to meet that need," Mr. Dummitt said.