Novastar Financial Outsources Payments Processing to SunGard
Novastar Financial, an investment management company, will outsource its payments processing to SunGard’s AvantGard. By outsourcing both cheque and automated clearing house (ACH) payment processing, Novastar hopes to reduce postal costs and improve efficiency in payment processing.
Novastar opted for an outsourced solution as a result of steadily rising cheque volumes and a lack of appropriate staffing to handle the manual process of stuffing and mailing envelopes. AvantGard PayNetExchange provides an automated, online portal to upload payment advices as well as execute the payments as either cheques, wires, ACH or via SWIFT.
Jessica Livingston, account manager at Novastar, said: “Outsourcing functions such as payments processing helps companies focus on their core business. Payment solutions, whether in-house or outsourced, can help decrease process time and assist in cheque to ACH conversion.”