Sonic Software, a leader in distributed, standards-based integration, and TeliaSonera Finland said they have successfully deployed an international corporate payments processing service.
Its eCenter Messaging Service reduces corporate processing costs and improves cash management, the companies said.
Built on the Sonic Business Integration Suite(TM), including Sonic ESB and Sonic Orchestration Server, the service is the first European deployment in a groundbreaking RosettaNet- SWIFT corporate-to-bank (C2B) XML integration project.
The project, which began in December 2003, provides end-to-end automated payment processing between TeliaSonera Finland and one of its partners. TeliaSonera Finland and its partner electronically exchange billing and payment remittance advice (RosettaNet interchange) using TeliaSonera Finland’s eCenter messaging services.
By streamlining their payment processes, trading partners are able to reduce processing costs through automating accounts receivable reconciliation, as well as get reliable visibility of incoming funds for decreased credit risk and increased cash flow predictability.
“It can take three to seven days to transfer critical financial information from a bank in Singapore to a Finnish bank. With this system, we can transfer the information globally in just a few seconds,” said Antti Partanen, Product Development Manager, TeliaSonera Finland. “Sonic has been a very valuable partner for us, providing strategic guidance as well as expertise around the RosettaNet and SWIFT standards. As a result we were able to build a flexible, scalable platform very quickly, and we can easily add functionality from other applications as needed.”
TeliaSonera Finland has been using Sonic ESB in the eCenter messaging service infrastructure since early 2002. Sonic ESB and Sonic Orchestration Server were configured for the pilot to issue SWIFT C2B XML messages for payment initiation, ensuring timely and secure message delivery.
“Together with Sonic, TeliaSonera Finland has made the model for this automated payment process,” said Ismo Rantala, co-founder of Mobile-Zoom, a RosettaNet consulting firm that organized the pilot. “By showing other major companies the return on investment, this project will have a great impact on the industry. TeliaSonera Finland is showing the way for innovative application of the RosettaNet standard.”
TeliaSonera Finland utilized Mobile-Zoom’s RosettaNet Test Center and consultancy throughout the project, helping to ensure its rapid deployment and overall success, the companies said.