SunGard’s AvantGard and Nordea Bank have formed a relationship that will provide Nordea’s customers with direct access from SunGard’s AvantGard Treasury solution to Nordea Bank’s treasury management services using AvantGard Treasury Bank Connectivity.
SunGard’s AvantGard offers market neutral and vendor neutral connectivity to trading partners and banks. It helps corporate users, in association with exchange partners, to gain a holistic view of all global cash positions. By combining the AvantGard Treasury Bank Connectivity solution with Nordea’s treasury management services and a secure messaging network, SunGard and Nordea are able to offer Internet-enabled straight-through processing across a range of payment and reporting services.
“The relationship between SunGard and Nordea will provide our mutual customers with an efficient and convenient method of accessing vital account data and treasury management services,” says Claus Asbjorn Stehr, head of cash management salesat Nordea Bank. “It will also help ensure that their treasury needs are met both today and going forward.”
DONG Energy, energy group from Northern Europe, and a customer of Nordea, uses SunGard’s AvantGard Treasury. DONG Energy retrieves balance reporting for their Nordea accounts in Norway, Finland, Sweden, Poland, Germany and the UK through AvantGard Treasury and is about to go live with treasury payments in the same six countries.
“The end-to-end straight-through processing significantly reduces our operational risk and helps enhance transparency,” says Morten Buchgreitz, senior vice president of group treasury at DONG Energy. “In an environment where the importance of compliance grows day-by-day this is very important to us.”
“This creates a great opportunity for our customers to simplify their treasury management processes through the direct bank connectivity and integration that AvantGard provides with Nordea’s treasury management services,” says Andrew Woods, group vice president of treasury solutions for SunGard’s corporations business.
D.C.