Sierra Atlantic Announces BankON™ Solution for Banking and Financial Services
Increases Profitability, Eases the Pain of Corporate ERP-to-Bank Payment Processing
April 26, 2010
NACHA Payments Conference (Booth # 736) – Seattle, WA – April 26, 2010 – Sierra Atlantic Inc. today announced BankON™, a turnkey solution enabling straight-through transaction processing for banks and their corporate customers.
BankON fully integrates customer enterprise resource planning (ERP) systems with a financial institution’s infrastructure for seamless, rapid processing of payables and receivables. This out-of-the-box solution supports multiple ERP systems with little or no customization effort, installs within days and is ready for testing at a customer site in less than a week. Standard Chartered Bank will be providing this offering to their corporate customers globally in more than 70 countries.
"With the increasingly complex financial supply chain, corporations are demanding more efficient ways to manage payments and to connect to their network of banks and trading partners,” commented Nasreen Quibria, Senior Analyst at Aberdeen Group, a Boston-based market research firm. “Corporates are now taking a closer look at how their ERP and other financial management systems can provide data and tools to help in providing a global, enterprise-wide picture. Indeed, according to past Aberdeen research, 65% of Aberdeen respondents cited integration of payments solutions with financial accounting systems as the top strategic action of leading companies.”
Comprising almost one-third of wholesale banking transactions, payments present a major opportunity for operational cost reductions. Yet today, these transactions often involve multiple paper documents and labor-intensive processes. BankON – a scalable, cost-effective solution for automating these manual processes – eliminates the need for expensive, one-off corporate ERP-to-bank integrations. The solution’s decoupled architecture minimizes the time to connect while ensuring transaction security and adherence to banking standards.
“Sierra Atlantic’s strength in banking, financial services and our long history of building integration products has enabled the company to develop a solution that addresses this complex issue,” said GK Murthy, Executive Vice President at Sierra Atlantic. “With straight-through processing, our customers are driving down operating costs and quickly generating profitable revenue streams. The notion that corporate ERP systems can’t talk to bank systems is history! BankON brings them together, driving significant savings on both sides.”
BankON Key Features:
- Receives, processes and reports payments, remittances and intraday / prior day statements
- Single consolidated payment file supports multiple payment types (check, ACH, wire, etc.)
- Multi-currency, multi-language and multi-byte character support
- ISO 20022 compliant
- Multi-payment format support (ISO, CSV, SWIFT MT / MX)
- Data encryption
- Choice of Oracle or Open-Source platform
As banks eliminate manual tasks with straight-through processing, they are able to refocus resources on more strategic, value-add activities and are empowered to grow market share, increase customer loyalty and transform their business.
For more information please visit www.sierraatlantic.com/bankon.
About Sierra Atlantic
Sierra Atlantic is the leader in enterprise applications and outsourced product development with expertise derived from deep R&D relationships with enterprise software leaders such as Oracle and Microsoft. Sierra Atlantic is a partner of choice for the world’s leading and progressive companies that look for expertise in full lifecycle product development and IT services including implementation, integration, development, testing, and support. Headquartered in Fremont, California, the company operates in 20 countries across North America, Europe, and Asia Pacific, and has its award-winning delivery centers in India and China. For more information, please visit www.SierraAtlantic.com
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