Corporate Commercial Ecosystem Needs Improved Connectivity, Finds Study
Almost one-third (30%) of corporates with annual revenue of US$5bn and above are managing 21 or more cash management banks, according to a survey by SunGard AvantGard. Although the requirement for bank communication, the trend away from consolidating banking relationships and towards multi-bank connectivity has pushed the demand for a single point connectivity allowing for access to banks, SWIFT and even corporate to corporate communications.
The study, containing 358 responses from corporates throughout the US, Europe and Asia across 20 primary industries, also found that:
Ken Dummitt, president of SunGard’s corporations business, said: “Despite the many advances we have seen in the past 10 years, there remains a requirement for a more structured and secure exchange for communication between business applications and entities in the corporate commercial ecosystem, particularly between corporations and banks. These survey results confirm the pressing need for improved connectivity between participants of the corporate commercial ecosystem.”