SunGard’s Payments Execution Platform Reports 384% Growth in Virtual Card Volume
SunGard said that virtual card volume through AvantGard PayNetExchange, its integrated business-to-business (B2B) payments solution, shows a year-on-year increase of 384%.
“The substantial growth in virtual card transactions processed through AvantGard PayNetExchange over the course of 2012 is due largely to an increasing number of corporations looking for ways to cut costs and streamline processes,” said Rob Jacobson, senior vice president (SVP) of payments services for SunGard’s corporate liquidity business. “By focusing on automated clearing house [ACH] conversion, corporations can reduce payments processing costs and can even eliminate payments processing costs altogether as well as earn rebates with virtual card programmes.”
The solution offers companies efficiencies through outsourced payments processing including cheque, ACH, wire and virtual cards for lower transaction costs and monthly rebates. The virtual card programme is a corporate B2B payment programme, where the payer receives rebates as they make payments to those vendors that accept card payments.