Chicago's Northern Trust bank is to integrate its cash and treasury management services with SunGard's eTreasury initiative.
The pact paves the way for bank and vendor to develop connectivity betwen their respective corporate treasury applications. Under the agreement, Northern Trust will link its Treasury Passport suite of Web-based banking services with SunGard's eTreasury network.
"Our initiative with SunGard is an effort to serve our clients with expanded capabilities beyond traditional online banking products into a more comprehensive solution in the management of treasury activities," says Richard Domalewski, vice president and manager, treasury management e-commerce product group of Northern Trust.
SunGard announced its eTreasury initiative more than a year ago and recently invited major financial institutions to participate and offer mutual clients a single point of access via the eTreasury eXchange to bank applications including wire initiation, information reporting and custody management.
The eXchange builds upon SunGard's existing SunGard Transaction Network (STN), which is a virtual network currently providing real-time, Internet-enabled straight-through processing (STP) for financial market transactions and information flows.