ABB Achieves STP Via Edifact Engine
Nordic Financial Systems has announced that ABB, the power and automation technologies multinational, is now using its recently developed Edifact Engine to perform automatic confirmation of payments with Danske Bank. NFS’s Edifact Engine enables multi-bank payments and money transfer instructions to be made from ABB’s treasury management system to the Danish bank. ‘The Edifact Engine will increase efficiency, enable straight-through processing, streamline operations and shorten payment times,’ according to NFS. NFS’s Edifact Engine was developed in cooperation with ABB in line with the STP requirements of Danske Bank. The NFS Edifact Engine, which can be implemented by any corporate treasury, handles all parts of the Edifact message interchange including acknowledgement and error messages. With the ability to be integrated with different encryption solutions, the NFS Edifact engine is also system independent and can be implemented in any environment. The level of integration and user interaction is flexible to fulfil the requirements of each organisation.