Oracle, Fundtech and Sierra Atlantic Collaborate to Announce Seamless STP™
End-to-end payments system integrates corporate ERP with bank clearing and settlement
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 clients 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 clients 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 Oracles infrastructure and technology; Sierra Atlantics BankON, which integrates corporate ERP systems with their banks; and Fundtechs 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, said 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 Oracles 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.
Fundtechs 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 worlds 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 worlds 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 worlds 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 worlds most complete, open and integrated business software and hardware systems company. For more information about Oracle, please visit www.oracle.com
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Fundtech Forward Looking Statements:
This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, projections of revenues, income or loss, capital expenditures, plans for growth and future operations, competition and regulation. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. When used in this Release, the words, "estimates," "expects," "anticipates," "believes," "plans," "intends," and variations of such words and similar expressions are intended to identify forward-looking statements that involve risks and uncertainties. Future events and actual results could differ materially from those set forth in, contemplated by or underlying the forward-looking statements. The factors that could cause actual results to differ materially from those discussed or identified from time to time in Fundtech's public filings, including its Annual Report on Form 20-F for the year ended December 31, 2009, including general economic and market conditions, changes in regulations and taxes and changes in competition in pricing environment. Undue reliance should not be placed on these forward-looking statements, which are applicable only as of the date hereof. Fundtech undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the date of this Release or to reflect the occurrence of unanticipated events.
Sierra Atlantic Media Contact:
Fusion Public Relations
+1 212 651 4227
Oracle Press Contact:
Oracle Corporate Communications
Fundtech Press Contacts:
(UK) Chanda Gathani - Metia Inc.
+44 (0) 20 3100 3605
(USA) Binna Kim, Cognito
+1 646 395 6304
George Ravich Fundtech Ltd.