Danfoss, an international group based in Nordborg, Denmark, has implemented SunGard's AvantGard-ETX to provide secure real-time connectivity to its banks, Citibank, Danske Bank and Deutsche Bank.
Danfoss, which develops and produces mechanical and electronic products and controls, selected AvantGard-ETX to help it to further reduce costs and to deliver a holistic view of global cash positions, helping to provide improved decision support. AvantGard-ETX uses the internet technology to connect directly to the banks' core systems on a real-time basis for intra-day collection of bank account information. Danfoss has used AvantGard-GTM as its core treasury management system since 1999.
Paul Melsen Svendsen, vice president responsible for corporate finance and treasury at Danfoss, said: "Our goal was to bring bank balance and statement information as seamlessly as possible, directly from our banks and into the respective accounts in AvantGard-GTM. Through real-time internet connectivity, avoiding bank workstations and browsers, AvantGard-ETX has provided the secure straight-through processing we require."
Martin Boyd, executive vice president EMEA, SunGard Treasury Systems, said: "Danfoss is an established AvantGard-GTM customer and the successful application of AvantGard-ETX, helping provide cost reduction and improved management reporting, is typical of our partnerships with our customers.