SCIENCE

Oracle, Fundtech and Sierra Atlantic has announced the introduction of Seamless STP. 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.