Collaborative Financial Management
SunGard today announced that it has acquired Belgiumbased Trax NV, a leading supplier of payment processing software solutions. The acquisition of Trax extends AvantGardâs solution suite for collaborative financial management by providing increased connectivity and expanded payment processing capabilities to corporations and financial institutions. Trax will be integrated into the AvantGard solution suite and will be called AvantGard Payments. The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGardâs financial results.
Collaborative Financial Management (CFM) is AvantGardâs business process framework that is helping organizations to integrate treasury, risk and cash management, receivables and payments processing. CFM helps streamline interactions between suppliers, buyers, banks and trading, customer and partnership relationships, with aggregated real-time, enterprise-wide financial data and straight-through processing.
AvantGard Payments extends the capabilities of CFM by helping corporations, financial institutions and public sector organizations to more efficiently manage multi-bank relationships and to increase the capacity to handle vendor payments and payroll with expanded connectivity and distribution options. It helps customers to take advantage of connecting to payment networks, including SWIFTNet, with increased connectivity and distribution options while helping improve controls for Sarbanes-Oxley. AvantGard Payments also helps companies and financial institutions in their preparations for the Single European Payments Area (SEPA).
Hans Cobben, chief executive officer and co-founder of Trax, said, âOver the last three years Trax has been developing and marketing its payment solutions to top tier banks and corporations in Europe and beyond.
Leveraging SunGardâs global resources, knowledge and reach will help accelerate these efforts. AvantGard Payments will help customers benefit from the strength of the solution as part of a comprehensive suite for collaborative financial management.â Hans Cobben will join SunGard as chief operating officer of AvantGard Payments.
âFive years ago we launched multibank connectivity,â said Ken Dummitt, president of SunGardâs AvantGard business unit. âThe acquisition of Trax continues our long-term strategy to offer our customers an efficient, reliable, cost-effective and secure method of communicating and processing payments. As part of the AvantGard solution suite, Trax will help our customers achieve enterprise-wide coverage of payment processing, execution, and routing.â
Mr. Dummitt continued, âMany corporations and financial institutions have not developed the infrastructure necessary to aggregate enterprise-wide cash information, instead relying on a fragmented array of tools that lack integration to support their operations. AvantGard Payments now provides the technology for integration, supported by a strong and disciplined management team with deep domain expertise.â