NEWARK, California and JERSEY CITY, New Jersey– October 20, 2010 – Oracle, Fundtech Ltd. and Sierra Atlantic Inc. today announced the introduction of Seamless STP™, a solution that integrates bank payments and receivables processing systems with their corporate client’s ERP systems, offering corporate treasury executives a single, transparent view of cash flow. The Seamless STP Solution enables a bank to be the single point-of-contact for their corporate client’s multi-bank needs, eliminating the cost and complexity of multiple links to multiple banks.
Corporations around the world are seeking to reduce the time and cost of processing payments and receivables across their multi-bank relationships. Sierra Atlantic, Fundtech and Oracle have combined their applications and expertise to deliver an enterprise solution that addresses the end-to-end payments cycle rather than just individual parts of the cycle. The solution utilizes Oracle’s infrastructure and technology; Sierra Atlantic’s BankON™, which integrates corporate ERP systems with their banks; and Fundtech’s Global PAYplus® Payments Services Hub, which provides payment execution.
“Seamless STP streamlines corporate-to-bank communications, enabling corporations to maintain multi-bank relationships with a single point-of-contact, but just as importantly, it ties together the entire process beginning with sales through ongoing processing of payments and receivables files,” says Andrea Klein, Vice President Global Financial Services at Oracle.
“Sierra Atlantic pioneered several ‘Integration-as-a-Service’ platforms to solve specific business problems. The Seamless STP powered by BankON is a second generation SaaS solution. Our combined solution with Fundtech places BankON in the forefront of driving automation into the financial supply chain for both our corporate and banking clients,” says GK Murthy, Executive Vice President at Sierra Atlantic. “Our long-standing relationship with Oracle enables Sierra Atlantic to leverage the technology to its fullest potential.”
“Fundtech sees the Seamless STP partnership with Sierra Atlantic and Oracle as a quantum move in streamlining the corporate / bank payments relationship to reduce costs and improve responsiveness throughout the chain for both parties,” says Joe Mazzetti, Executive Vice President for Corporate Development at Fundtech.
Seamless STP is a second-generation SaaS solution, built on Oracle’s Fusion architecture and designed to meet processing requirements for the largest corporations and banks. The solution has been engineered for straight-through processing of payments and receivables. BankON offers a ramp-up time of less than two weeks that significantly lowers costs compared to other solutions in the market.
Fundtech’s Global PAYplus Payment Services Hub takes corporate payment instructions transmitted from BankON and passes them on to banks around the world for payment execution. The solution integrates full payments functionality and analytics into the corporate customer’s online experience, while enhancing self-service, streamlining workflows, and significantly increasing straight through processing. Combined, Seamless STP meets banking needs for a secure, high-volume payments system that fills the existing void in automation of the financial supply chain.
Seamless STP will be featured at SIBOS 2010, which will take place in Amsterdam from October 25- 29. Please visit the Oracle booth at SIBOS for more information, or visit www.sierraatlantic.com/seamless-stp for additional details.
Fundtech (NASDAQ:FNDT), was founded in 1993, and is a leading provider of software and services to banks of all sizes around the world. Payments systems include wire transfers, ACH origination, cross-border payments and remittance. Cash management systems are designed for large corporate through small business clients. Fundtech operates the world’s largest SWIFT service bureau. We offer an extensive line of financial supply chain applications including electronic invoice presentment and supply chain financing. And we are the leading provider of CLS systems to the world’s largest banks. More than 1,000 clients throughout the world rely on Fundtech solutions to improve operational efficiency and provide greater competitiveness through innovative business-to-business services. For more information, visit www.fundtech.com.
About Sierra Atlantic
Sierra Atlantic, a Platinum member of the Oracle PartnerNetwork, 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. BankON™ and Seamless STP™ and both registered trademarks of Sierra Atlantic Inc. Headquartered in Newark, 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.
Oracle (NASDAQ: ORCL) is the world’s most complete, open, and integrated business software and hardware systems company. For more information about Oracle, visit oracle.com.
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