Fiat Finance Selects SunGard for SWIFT Payment Connectivity
Fiat Finance has chosen SunGard’s AvantGard for SWIFT messaging and connectivity. It will use AvantGard for integrating the payment messaging of its treasury operations to SWIFT and to help improve its existing international payment factory. This project will encompass multiple centres across Europe, helping Fiat Finance to improve its visibility and control over company-wide financial flows. AvantGard will be used to capture payments from Fiat’s existing systems, manage the payment workflow and authorisation and integrate them with the SWIFT network. Taking advantage of SwiftNet services to manage its treasury and commercial payments will help the firm streamline payments processing and exception handling both internally and for its European corporate clients, facilitating the auditing of the payment process. The project will consist of three phases. Phase one will address the treasury payment flows across Swift FIN MT1xx for both unitary payments – the process to administer individual low volume, high value payments rather than on an aggregated level – and manual entries, typically for urgent payments. Phase two, the ‘European payments factory’, will address batch payment flows for Fiat entities in France, Germany, Belgium, Switzerland, Austria, the UK and Denmark. Phase three will address the integration of the SWIFTNet accord matching service for deal confirmations.