SunGard has releases its AvantGard Payments solution, providing a series of upgrades including enhanced payment workflows, to help US-based organizations standardize and centralize their corporate-to-bank processes and promote best practices.
The latest release of AvantGard Payments, also known as Trax, offers support for a wide range of global payment formats including: NACHA and the STP 820 EDI format from the Electronic Payments Network (EPN), bringing the total number of payment formats supported by the solution to 78. Support for ABA transit number validations has also been added to the solution.
The new release includes entry screens for various automated clearing house (ACH) and wire payments, providing the required functionality for companies to deliver validated payment instructions to their banks. Enhanced support for capturing remittance information is also available, making the solution fully compliant with the STP 820 and ISO 20022 payment initiation standards. The upgraded solution provides several new standard reports and facilitates integration with third-party reporting tools.
With the latest release of AvantGard Payments, we are demonstrating our commitment to evolving the AvantGard Trax solution from a payment factory into a corporate transaction banking system, says Andrew Owens,managing director global payments solutions for SunGards AvantGard business unit. US-based customers will benefit from being able to send and receive payment files in NACHA and STP 820 formats. This functionality will help companies to better standardize their corporate-to-bank business processes across banks, entities, regions and transaction types.
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