SunGard launches online transaction service
SunGard has launched a pay as you use transaction service that should save financial services groups making online transactions from having to implement specialised software to enable the transactions.
Rather than having specific software written and implemented by a third party IT specialist, financial services companies wishing to make online transactions can use the SunGard Internet based service to make the necessary connections, and pay a flat fee per transaction.
This contrasts from the sort of software known among the IT fraternity as "middleware", where companies wanting to link up different computer systems for transactions would need to have an IT specialist design and implement the software enabling the transactions.
According to SunGard-All Solutions president and chief executive Murray Westphal, middleware costs the financial services companies thousands to implement. Even more restrictive, he says, the software usually only makes two different systems compatible.
"More and more, financial institutions are after straight through processing power. Our system connects all the computers together to enable straight through transactions, rather than having to rely on traditional slower methods such as faxes," Westphal says.
Users will be able to connect via a gateway to multiple transaction services including brokerage, settlement and clearing through private providers, global networks and SWIFT. The service is part of the SunGard Transaction Network utilising MINT knowledge Family technology from SunGard Business Integration.
"SunGard is the largest provider of financial services software, and this system is already set up and running successfully in the US," he says.
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