NEW YORK, Aug. 11, 2020 /PRNewswire/ -- Infor, a global leader in business cloud software specialized by industry, today announced significant success and momentum for its cloud-based financials solutions. Leading organizations across North America are trusting Infor's cloud and digitalization vision for the banking industry, and Infor has increased its customer base in financial services by 400% over the past 12 months. These customers include CIBC FirstCaribbean International Bank and SunStream Business Services.
During the past 12 months, Infor has shown significant leadership in the financial services and banking industry. This includes heavily investing in products specifically serving this sector. By adopting a continuous accounting framework, finance practitioners can increase the quality, accuracy, and efficiency of their financial operations. Continuous accounting embeds automation, control, and period-end tasks within normal day-to-day activities, allowing the accounting calendar to more closely mirror the daily cadence of the business. Tasks such as reconciliations or intercompany eliminations also are embedded in day-to-day activities, empowering finance to close the books more quickly and with greater accuracy.
SunStream selected Infor CloudSuite Financials as part of its overall cloud strategy to grow and better service its customers through digital transformation. Working alongside Infor Consulting Services, SunStream completed a successful go-live in July, providing new tools and services to its 11 independent Farm Credit Associations and AgriBank. Users now have a modern, user-friendly robust solution that offers centralized and streamlined reporting and processing, an integrated general ledger, easy access to accounts payable and asset management data, comprehensive financial analysis capabilities, and an intuitive system interface.
"A primary strategy at SunStream is to seek innovative solutions, and reduce the technical debt of maintaining older systems. This digital transformation in a back office financial suite further allows our customers to focus on rural America and allows SunStream to take care of the rest. Infor's innovative approach leverages a modernized cloud delivery with the ability to combine and integrate a complete financial package in one updated product suite. Migrating off of an old legacy system and for more than 12 customers simultaneously, we understood the challenge of a smooth conversion," said Steve Jensen, SunStream Business Services president and CEO. "A partnership with Infor, our 11 associations, AgriBank and our project team ensured a smooth conversion. The biggest benefit for SunStream and our customers is the ability to keep the system current and updated to address future business needs."
Infor's CloudSuite Financials applications drive unparalleled levels of usability, connectivity, and insight. With CloudSuite Financials' critical business applications, organizations can experience automatic upgrades that deliver the latest advances in enterprise functionality, such as maintaining the global general ledger, assisting in close management, access to intercompany billing and streamlining receivables and billing. Users can expand data usability, define unlimited attributes, meet complex reporting requirements and work anywhere from any device.
Commercial businesses across industries such as financial services understand the benefits that cloud solutions offer in terms of greater operational flexibility and reduced costs. Infor's Regulated Industries SaaS was designed to support the most sensitive workloads of highly-regulated customers using FedRAMP, the U.S. government cloud services authorization program. Of the thousands of cloud applications available today, only around 300 are approved by FedRAMP, and only a limited selection of those will be available for commercial use — which includes Infor.
"Financial institutions are embracing the rapidly changing world with innovative technology to create new value and services for their customers while differentiating themselves in the industry," said Bill Vellante, Infor vice president and general manager. "Infor continues to power organizations with solutions that support resiliency at work and provide the necessary controls and flexibly for changes in the market. This momentum underscores our commitment to our customers' digital transformation journey. We have positioned ourselves as the premier partner to provide quality and agility during their cloud journey without the burden of a multi-year, multi-million-dollar implementation."
For more information please visit https://www.infor.com/products/cloudsuite-financials.
Infor is a global leader in business cloud software specialized by industry. With 17,000 employees and over 67,000 customers in 178 countries, Infor software is designed for progress. To learn more, please visit www.infor.com.
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