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Articles from
October 2007
WAUSAU Displays Industry Expertise at TAWPI Payments Automation Conference
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WAUSAU, the industry leader in payments, remittance and document processing, announced that several WAUSAU industry experts will be featured presenters at The Association for Work Process Improvement (TAWPI) Payments Automation Conference. TAWPI’s Payments Automation conference is being held November 8 - 9 in St. Petersburg, Florida, and attracts businesses and technology processionals from the payments processing industry.
Steve Buchberger, WAUSAU Senior Vice President – Payment Solutions, will present with Bridgit Chayt, First Vice President for Comerica Bank. The session, Implementing Remote Deposit Capture, will discuss how remote deposit capture can improve processes by understanding the ways in which the technology, the banking partner and the organization can streamline deposits, accounts receivable, remittance functions and cash management.
Matt Dowds, WAUSAU Product Manager – Remittance Solutions, will present with Jere Burch, Vice President and COO, QUE Financial. The session, QUE Financial’s Move from a Manual Processing Environment to a Truly Automated Process, focuses on how QUE Financial, a healthcare billing and payments processor, catapulted from a manual remittance processing environment to an automated process, including the implementation of ARC and Image Exchange resulting in lower exception item processing and improved staff efficiencies.
Also presenting at the TAWPI Forums & Expo is Terri Surratt, ICP, WAUSAU Education and Design Specialist. Ms. Surratt will be conducting a pre-conference workshop on November 7 entitled Best Practices for Multiple E-Clearing Strategies. This workshop will explore concepts in payment processing methods including Back Office Conversion (BOC), Remote Deposit Capture, Accounts Receivable Conversion (ARC), Check 21, Image Exchange and more.
“WAUSAU expertise will be front-and-center at the TAWPI Payments Automation conference this year,” said Kathy Strasser - Senior Vice President, Remittance and Enterprise Content Management Solutions for WAUSAU. “The presence WAUSAU displays at industry conferences such as TAWPI highlights our continued commitment to provide the most effective payment processing solutions on the market, as delivered through valued customer relationships and the expertise of our internal associates.”
About WAUSAU
WAUSAU is a premier provider of payment and remittance processing solutions. WAUSAU serves businesses of all types to develop strategies that move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU’s innovative solutions provide results for a wide range of organizations including financial institutions, insurance companies, utilities, retail businesses and governmental agencies. Find more information about WAUSAU at www.wausaufs.com.
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ALOGENT ENHANCES OFFERING FOR BANKS' SMALL BUSINESS CUSTOMERS, AS THE NEW VANGUARD FOR DISTRIBUTED CAPTURE
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Alogent Corp., a leading provider of enterprise deposit automation technologies for global financial institutions and processors, announced its enhanced focus on small business in response to the market's evolving demand for remote deposit capture. As a pioneer in deposit automation, with more than a decade of product development and implementation experience, Alogent is helping banks develop their small business banking customer base as the new frontier in distributed capture deployment.
"The missing link to superior banking customer service for small businesses has been the ability to extend real-time, self-serve capabilities to the desktop. Doing so simplifies the workflow inside the office walls and eliminates the need to physically leave the office to make a deposit," said Paul J. Citarella, executive vice president at Alogent. "By introducing an offering focused on small business, financial institutions can gain entry to this huge opportunity of more than 24 million small business banking customers in the United States," he said.
Since Check 21 went into effect in October 2004, most small businesses have not been exposed to its benefits. Remote deposit capture, one of several technologies born in the post-Check 21 era, now allows the nation's businesses to automate more cumbersome traditional deposit processes, saving time and reducing costs.
Alogent's Sierra Xpedite(r) Remote Deposit Automation(tm) solution offers key features that enable financial institutions to extend these benefits to smaller businesses. These include:
* A simple, web-based user interface and intuitive workflow that requires virtually no end user training
* Real-time capabilities such as image quality analysis (IQA), duplicate detection and verification of deposit
* Ease of deployment, managed entirely by Alogent, using a service oriented architecture (SOA) infrastructure
* Enhanced, integrated security standards
* Sierra Deposit Portal(tm), a customizable interface that facilitates additional reporting capabilities
In addition, Alogent has now integrated its remote deposit automation solution with lower-cost scanning devices from vendors including Unisys, RDM, Digital Check and Panini.
Without remote deposit capabilities, small businesses expend time, effort, and costs to prepare and process bank deposits, and to post them to A/R systems. The capture and storage of payment information, including receipts, purchase orders, checks, payment coupons, further consume time and resources. As with any manual process, a margin of error is inherent; the corresponding measures to resolve errors are time consuming, adding even more cost and inconvenience to the bottom line. Finally, traditional deposit methods call for regular trips to the local branch to conduct in-person deposit transactions. In addition to the hard-dollar costs and time involved in doing so, the small business may incur opportunity cost due to the resulting absence from the workplace.
According to BAI's Small Business Payments 2006 research report, small businesses display strong demand for integrated payment and business management tools. Close to 10% of small businesses and SOHOS (small office/home offices) in the manufacturing, wholesale and retail sectors are already using RDC or have concrete plans to begin using it by the end of 2007.
Alogent is demonstrating Sierra Xpedite Deposit Automation solutions, including its next-generation remote deposit features for small business, at booth numbers 407 and 408 at AFP's Annual Conference in Boston this week.
About Alogent
Founded in 1995, Alogent Corporation is a leading global provider of enterprise-wide deposit automation technologies that enable financial institutions and processors to leverage the conversion of paper to electronic processing. The company's Sierra suite of solutions automates deposit processes at every point of presentment (including branches, ATMs, merchants, corporations and cash vaults), while optimizing electronic data and image processing and settlement. As the deposit automation market leader, Alogent's platform processes billions of payments annually, with more than 70,000 seats sold to date. The company counts KeyCorp, Lloyds TSB and SunTrust among its 1,000 financial institution customers. For more information, visit www.alogent.com or call 888.333.6030.
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ALOGENT ANNOUNCES REMOTE DEPOSIT GO-TO-MARKET STRATEGY MODULE
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Components Include Tools To Maximize Banks' Remote Deposit Capture Marketing Efforts
Alogent Corp., a leading provider of enterprise deposit automation technologies for global financial institutions and processors, announced its go-to-market strategy module as a value-add to the company's Sierra Xpedite® Remote Deposit Automation™ solution. The initiative will assist financial institutions in delivering remote deposit capabilities to small businesses and other commercial customers.
Alogent's objective with this offering is to provide a turnkey remote deposit automation solution that is robust from a technology perspective, simple to use for the depositor, and easy to incorporate into the bank's existing marketing plan.
"Helping new remote deposit banks with a strategic roadmap allows them to significantly reduce their rollout timeframe," said Paul J. Citarella, Alogent's executive vice president. "Based upon current supply and demand, the opportunity for the bank is already very attractive. Since optimizing it can quickly impact results in the areas of fee income, efficiency, and customer satisfaction, speed to market is and will remain critically important," he said.
The new module's components are brandable, and include tools such as marketing project plan templates, customizable/printable brochures, posters and inserts, end-user documentation, direct marketing resources, and other ready-made materials. When leveraged as a means to generate awareness and effectively promote remote deposit capture to specific markets, the marketing deliverables associated with adopting a new retail offering – and the resources required to execute them – are significantly reduced.
"Banks in the remote deposit marketplace can now view Alogent as a marketing partner to fortify their RDC initiatives," said Citarella. "Furthermore, our go-to-market strategy module ensures that Alogent's customers can maximize the advantages Sierra Xpedite offers, while minimizing the investment and resources needed to create a marketing program from scratch," he said.
About Alogent
Founded in 1995, Alogent Corporation is a leading global provider of enterprise-wide deposit automation technologies that enable financial institutions and processors to leverage the conversion of paper to electronic processing. The company's Sierra suite of solutions automates deposit processes at every point of presentment (including branches, ATMs, merchants, corporations and cash vaults), while optimizing electronic data and image processing and settlement. As the deposit automation market leader, Alogent's platform processes billions of payments annually, with more than 70,000 seats sold to date. The company counts KeyCorp, Lloyds TSB and SunTrust among its 1,000 financial institution customers. For more information, visit www.alogent.com or call 888.333.6030.
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Open Solutions Secures Clients’ Identities via the Entrust IdentityGuard Versatile Authentication Platform
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Entrust versatile authentication platform affords Open Solutions clients efficient, easy-to-use security measures
As part of their ongoing efforts to help thwart identity theft and ensure their clients have the best tools to defend against online fraud attacks, Open Solutions Inc. is now a distributor for the Entrust, Inc. [NASDAQ: ENTU] versatile authentication platform, Entrust IdentityGuard, a component of a strong layered security strategy.
As a trusted and leading provider of financial service technology, Open Solutions will leverage the Entrust IdentityGuard versatile authentication platform — specifically the solution’s grid card authenticator — to offer its clients identity theft and fraud protection. To date, Open Solutions has already deployed the grid card to more than 170,000 users. Today, more than 70 financial institutions leverage the Entrust IdentityGuard platform for strong authentication.
“As financial institutions continue to be targeted by online fraud attacks, consumers now expect financial services providers to deploy stronger security measures to protect their information and identities online,” said Mike Nicastro, SVP and chief marketing officer, Open Solutions. “The Entrust IdentityGuard grid-based authentication solution affords financial institutions the ability to offer a low-cost option that has increased usability, high user acceptance and fast deployment.”
With 8 million licenses sold, Entrust IdentityGuard is an open, versatile authentication platform that provides one of the widest ranges of authentication capabilities on the market today. The solution enables enterprises to layer security across diverse users, transactions and applications — all according to risk assessment. It is a common-sense approach to strong authentication that allows organizations to apply the right level of strong authentication tailored to the assessed risk for the access or transaction that the user is performing. An organization can layer open versatile authentication methods — including physical authentication and mutual authentication — across different users and transaction types. Additional Entrust IdentityGuard authentication options include one-time-password tokens, IP-geolocation, questions and answers, out-of-band, one-time passcodes and mutual authentication.
“This agreement provides Open Solutions’ clients with the Entrust IdentityGuard versatile authentication platform and serves as an invaluable channel for us to help organizations with key solutions that support a layered security strategy,” said Entrust Chairman, President and Chief Executive Officer Bill Conner. “As a result of Open Solutions’ leadership position in the banking and credit union marketplace, this relationship will help us further serve this segment of the industry.”
With grid authentication, an additional factor is deployed to the user based on an assortment of characters in a row/column format printed on a card. This innovative authentication method has been recognized by a patent awarded by the U.S. Patent and Trade Office.
Using grid authentication, the susceptibility to phishing, man-in-the-middle or malware attacks can be substantially reduced. Even if the user is subject to repeated attacks, the large number of potential challenges and responses for any given user can help significantly reduce the effectiveness of these attacks. Attacks that record several logins will only be exposed to a small portion of the authentication grid.
About Entrust
Entrust [NASDAQ: ENTU] secures digital identities and information for consumers, enterprises and governments in 1,650 organizations spanning 60 countries. Leveraging a layered security approach to address growing risks, Entrust solutions help secure the most common digital identity and information protection pain points in an organization. These include SSL, authentication, fraud detection, shared data protection and e-mail security. For information, call 888-690-2424, e-mail entrust@entrust.com or visit www.entrust.com.
About Open Solutions
Open Solutions Inc. offers a fully featured strategic information management product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, network services, HSAs, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com or by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions’ Internet site at www.opensolutions.com.
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Sandy Spring Bank Replaces Acquired Bank's Remote Capture Solution with
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WAUSAU, the industry leader in distributed payment and document processing, announced that Sandy Spring Bank with assets of $3 billion and headquartered in Olney, Maryland has successfully replaced an acquired bank's incumbent solution with WAUSAU's web-based Remote Corporate Capture (RCC) platform.
"Sandy Spring Bank believes in a growth strategy which includes growth through strategic acquisition," states Tina Mathes, Senior Vice President - Payment Services Division, Sandy Spring Bank. "WAUSAU's web-based platform delivers ease of deployment and leading-edge technology which easily replaces an acquired bank's incumbent solution. The conversion process of moving from an existing remote capture product to WAUSAU's platform was achieved with little to no impact on our clients. WAUSAU's professional services team coupled with our internal staff efforts provided expert support as we transitioned from the previous product to WAUSAU's. Two one hour web-based training sessions were provided and we hit the ground running."
Mathes stated, "With the implementation of WAUSAU's remote corporate capture solution, our acquired banks' corporate customers have seen an increase in system stability, improved connectivity, and enhanced validation checking - no more worrying if the deposit was received or not, now they know based on the confirmation."
This platform of choice provides Sandy Spring Bank's customers numerous benefits, including robust web-based training, ease of use, faster funds availability, the ability to streamline multiple offices into one account, extended 6:00 pm cut-off time for same day deposits, and savings associated with preparing and transporting their deposits to the bank.
"As more banks deploy a Remote Corporate Capture solution, we are going to see acquiring banks take over RCC solutions with many seats deployed. Banks will face the choice of maintaining multiple platforms or converting to a single platform. WAUSAU worked with Sandy Spring Bank to create a go-forward strategy to efficiently convert and train customers on a standardized platform," said Steve Buchberger, Senior Vice President - Payment Solutions for WAUSAU.
WAUSAU's Remote Corporate Capture suite is designed for the remote capture of deposits and remittance payments. WAUSAU offers both in-house and ASP options with an architecture that is easy to mass distribute to meet market demands. WAUSAU's holistic RCC offering is based upon an enterprise platform which provides the ability to serve a wide breadth of vertical markets with industry leading transaction processing applications for deposits, and retail and wholesale payments.
About Sandy Spring Bank
Sandy Spring Bancorp, Inc. (NASDAQ: SASR) is the second largest publicly traded bank holding company headquartered in Maryland. Its primary subsidiary Sandy Spring Bank was founded in 1868 making it among the oldest banking institutions in the region.
Sandy Spring Bank operates a full line of financial services through a network of 42 community offices in the greater Washington-Baltimore metro region. The acquisition of Potomac Bank of Virginia (February 2007) included five offices in Fairfax and Loudon Counties in Northern Virginia expanding Sandy Spring's franchise into this highly desirable market. The acquisition of CN Bancorp, Inc., holding company for County National Bank (May 2007), broadens Sandy Spring's presence into northern Anne Arundel County with the addition of four offices and one under construction. Sandy Spring Bank is a community banking organization with a long-standing reputation for outstanding client service. The Company is committed to superior financial performance to enhance long-term shareholder value as the means to remain independent and thus serve the local community most beneficially. Increases in assets and revenues have been from both organic sources and acquisition following a strategy of re-energized growth. Opportunities for expansion of core banking business and related activities are routinely explored. Visit www.sandyspringbank.com for more information.
About WAUSAU
WAUSAU is a premier provider of payment and remittance processing solutions, serving businesses of all types to develop strategies that move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU's innovative solutions provide results for a wide range of organizations, including financial institutions, insurance companies, utilities, retail businesses and governmental agencies. Find more information about WAUSAU at www.wausaufs.com.
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ABD Relies on AMS Sagitta to Grow into Top U.S. Broker Spot
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AMS Services, the leader in insurance agency automation, announced that ABD Insurance and Financial Services used AMS Sagitta® to grow into its current position as the 14th largest U.S. retail broker (Business Insurance magazine’s 2007 largest brokers of U.S. business rankings). ABD chose AMS Sagitta for a variety of reasons including a system architecture that enables seamless integration of all its offices without significant additional costs as well as the ability to support centralized accounting functions.
“We use AMS Sagitta as our property and casualty system foundation. We like the fact that it has sophisticated Application Platform Interfaces (APIs), which make it easy to integrate products from various third-party providers,” said Jann McCully, ABD's senior vice president and chief information officer. “For example, we use Salesforce.com for contact, opportunity and sales management. AMS Sagitta makes it easy to populate this application with our own client data, adding to efficiencies in new business development, cross selling and communication."
AMS Sagitta is an enterprise-wide agency management and automation system, available as an in-house or online solution, primarily for large insurance agencies that require a higher degree of customization, system flexibility and scalability or have more complex accounting needs. Along with ABD, more than half of the top 100 brokers nationwide are AMS Sagitta users.
“Large, complex organizations such as ABD need a reliable system that can be fully customized to fit their business processes, growth and acquisition strategies,” said Bill Bunker, senior vice president of products and marketing at AMS Services. “AMS Sagitta meets those needs with a flexible, scalable and secure agency management system that supports stringent data security requirements.”
AMS Sagitta’s role-based security provides ABD with tight control over data access. For example, ABD’s salespeople can have “view only” rights while account teams have more liberal "view and change" access. ABD's staff is also able to create custom coverage and underwriting data fields for specialty lines of business—another AMS Sagitta advantage.
When they first began using AMS Sagitta, ABD was a $44 million organization that believed it could achieve monumental growth. They chose AMS Sagitta to be the core system to support this growth.
"We're now a $165 million company with 870 employees operating from 22 locations across the United States. AMS Sagitta has grown right along with us and continues to meet our requirements in a collaborative, flexible and responsive way," said McCully. "We definitely made the right decision."
About AMS Services
Vertafore, Inc d/b/a AMS Services is dedicated to helping independent insurance agencies achieve maximum performance and operational efficiency. The business offers a comprehensive, insurance-specific solution for managing critical business activities, including agency management, rating, benefits, performance management and carrier connectivity. With more than 150,000 users in more than 15,000 agencies, as well as 600 carrier partners, AMS Services is a proven market leader providing the strategy and scalability to help independent agencies, MGAs and wholesale brokers excel now and in the future. For more information about AMS Services, please visit www.amsservices.com.
About ABD Insurance and Financial Services
Since 1946, ABD has provided insurance brokerage, employee benefits consulting and risk management solutions to clients across the United States and around the world. Now the 14th largest U.S. retail broker and the nation's number one broker of D&O Liability insurance (Towers Perrin Survey), ABD has 17 major offices in strategic regional business centers across the western United States and annual revenues of approximately $165 million. For more information about ABD, please visit www.cybersure.com.
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AQS Inc. Names Julia Wort as Vice President of Partner Relations
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AQS Inc. has named Julia Wort, vice president of Partner Relations. In the newly created position, Ms. Wort will be responsible for strategic service related projects for the company’s largest accounts and the development of a structure around AQS’ Professional Services offerings. AQS is a leading provider of commercial policy administration solutions to the property and casualty insurance industry.
Ms. Wort joins AQS with more than18 years of experience in sales, operations, strategic account management and business coaching. During her career, she has served as principal and held executive positions with high growth technology companies and professional services organizations servicing Fortune 1000 clients. Ms. Wort brings expertise in business planning, client management, process development and training. She attended the University of Illinois at Urbana-Champaign, and participates in leadership and marketing classes at Kellogg School of Management.
AQS President and CEO Dave Kerford said, “Julia brings a wealth of experience and discipline to AQS that will help us serve our customers better. We are delighted to have her join us.”
“I’m proud to be part of such a dedicated team focused on delivering results and creating value for customers. Every day I am reminded of the commitment, passion and knowledge that exist throughout AQS,” Ms. Wort said.
About AQS, Inc.
Since 1979, AQS has provided leading policy administration solutions for commercial property and casualty insurance carriers. In addition to its innovative Web-centric product, AQS/advantage™, and integration solution, AQS/advantage™ Integrator, AQS provides diverse professional service solutions to 35+ insurance companies throughout the United States. AQS/advantage™ supports all transactions for all commercial lines of business, in all states. The system is architected for scalability and leverages the Internet and innovative technologies such as Web services and .NET to automate and shorten the entire policy transaction lifecycle. AQS is a Microsoft® Gold Certified Partner. For more information on AQS and the AQS/advantage product suite, please contact AQS or call Nancy Hines at 262.369.7500. Web site: www.aqssys.com
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Hyland Software Introduces Insurance Agency Solution to Minimize Professional Services, Implementation Time
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OnBase Agency Solution provides rapidly deployable document management in an intuitive user environment, saving insurance agencies valuable time and money
Hyland Software, developer of the OnBase enterprise document management software suite, introduced a new offering specifically designed by, and for, insurance agencies. The OnBase Agency Solution easily integrates with an agency’s current agency management system(s). By integrating these applications, all of the essential information an agency requires will be stored and accessible from a central location.
Recognized as a leading provider of enterprise content management software solution Celent’s 2007 report, “Insurance Software Deal Trends”, Hyland has worked closely with its insurance agency customers to design the OnBase Agency Solution as a fully functional document management solution that is pre-configured for CSR’s, Producers, Management, HR, IT, Accounting and Legal. The OnBase Agency Solution offers industry leading functionality that can be deployed quickly with minimal professional services requirements.
“With insurance agencies needing to write more and more business just to maintain revenues and profitability, the need for cost-efficient ways to run their business becomes paramount to their financial success and increased profitability,” said Ed McQuiston, director of Insurance Solutions at Hyland Software. “The OnBase Agency Solution is designed to enhance efficiencies in key areas across an agency, offering the ability to get up and running quickly, while increasing profitability without increasing staff.”
About Hyland Software Insurance Solutions
Hyland Software Inc. is the developer of OnBase, a rapidly deployable suite of enterprise content management (ECM) software applications. OnBase is a modular suite of ECM applications that includes document imaging, workflow, electronic document management, COLD/ERM and records management. OnBase allows insurance carriers, managed general agents, and third party administrators to streamline processes and improve service levels across the enterprise, including strategic areas such as new business, underwriting, claims, regulatory compliance support and customer service. For more information about OnBase, please contact an Authorized OnBase Solution Provider or visit www.onbase.com.
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Flagstar Bank Selects Fiserv eMortgage Technology
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Electronic closings and electronic vault storage will complete
Flagstar Bank’s paperless processes
Fiserv, Inc. (NASDAQ: FISV), a leading provider of technology solutions, announced that Troy, Michigan-based Flagstar Bank (NYSE: FBC), a $16.2-billion-asset federal savings bank and one of the leading originators of prime residential mortgage loans, is now managing its eMortgage signing, closing and post-closing processes using the Fiserv eLending platform. Flagstar Bank also uses the technology to securely store electronic notes (eNotes) and other closing documents in the Fiserv electronic vault (eVault) and to facilitate the electronic transfer of assets to secondary market investors and loan servicers.
Use of the eLending platform is a natural extension of Flagstar Bank’s existing paperless technologies and moves the bank one step closer to entirely eliminating paper from the mortgage process.
“Flagstar Bank is known in the industry for its leadership in mortgage technology,” said Kim Weaver, vice president of eLending product development for Fiserv Lending Solutions. “It makes sense for them to emerge as an early adopter of eMortgage technology. Using our eLending platform, Flagstar Bank is leveraging existing systems and provider relationships to strategically add the eMortgage as a loan production option.”
Instead of originating loans with paper notes, Flagstar Bank uses the mortgage industry standard SMART DocTM format to create electronic documents that combine machine-readable loan data with a viewable image. The Fiserv eLending platform enables borrowers and closing agents to affix signatures and seals to the SMART Doc eNotes to transact fully electronic closings.
Flagstar Bank selected the Fiserv eLending platform because it can be seamlessly integrated with the bank’s proprietary loan origination and imaging systems, as well as used to manage the SMART Docs created by Flagstar’s longtime document provider, Online Documents, Inc.
“Integration of Fiserv eLending functionality with our existing systems and document provider is enabling us to roll out eMortgages with minimal changes to our business practices,” said Brian Boike, first vice president of lending support for Flagstar Bank. “The integration streamlines the exchange of electronic documents, helps schedule closings and allows our customers to electronically sign their mortgages. The results are quicker turnaround times and enhanced customer service.”
Flagstar Bank leverages the Fiserv collaborative online environment to share closing documents with closing agents and borrowers. The Fiserv eLending platform logs all interactivity with the electronic documents and manages versions to ensure that the correct documents are reviewed and executed. Once a loan is signed using the platform’s electronic signature capabilities, the eNote is automatically registered with the MERS® eRegistry to establish an authoritative record of ownership and document custodianship. The Fiserv eLending platform also transparently invokes MERS eDelivery for vault-to-vault asset transfers when Flagstar Bank purchases or sells loans, or transfers servicing rights.
Flagstar Bank should benefit operationally and financially from the immediate sharing of executed original loan documents among all of its business partners, from closing agents to the secondary market.
“At the time of the electronic closing, borrowers affix their signatures electronically to the SMART Document eNote,” said Boike. “There is no expense or delay caused from courier delivery because regardless of where the borrower and closing agent are located, the electronic document originals are immediately available via the Fiserv eVault. The platform enables almost instant transmittal to the secondary market so we are paid sooner. We retain complete control over the transfer of the asset without the time and expense required for paper documents.”
Flagstar Bank’s use of the SMART document eNotes helps to qualify the assets for secondary market sale to Fannie Mae (FNMA/NYSE).
“As an investor in eMortgages, we applaud Flagstar Bank for embracing eMortgages as a new method for originating and selling mortgage loans,” said Mark Oliphant, director of Fannie Mae’s business and strategic development. “With this capability, Flagstar is well-positioned to realize the significant value of paperless mortgages.”
About Flagstar Bank
Flagstar Bank is a federal savings bank with 16.2 billion in assets at June 30, 2007, and is one of the leading originators of prime residential mortgage loans. Flagstar originates mortgage loans nationwide through 73 home loan centers in 19 states and a network of approximately 6,000 active brokers and correspondents across the country. Flagstar Bank, which is a wholly owned subsidiary of Flagstar Bancorp, Inc. (NYSE: FBC), also operates 159 retail banking centers in Georgia, Indiana and Michigan. For more information, please visit www.flagstar.com.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 18,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. Headquartered in Brookfield, Wis., Fiserv reported more than $4.5 billion in total revenue for 2006. For more information, please visit www.fiserv.com.
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Microsoft Certifies Voltaire InfiniBand Solutions for Windows
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Availability of InfiniBand on Windows Drives Enterprise Adoption
Voltaire Ltd (NASDAQ: VOLT), a leading provider of grid backbone solutions, announced the immediate availability of its InfiniBand host stack software GridStack for Windows v2.5 that has passed Microsoft Windows Hardware Quality Labs (WHQL) testing for Microsoft Windows Server 2003 and Windows Compute Cluster Server 2003 operating systems. Customers can now deploy Voltaire's switches and software to maximize performance and scalability of Windows-based clusters and grids with the added benefit that the solution has been certified by Microsoft.
"A fully certified InfiniBand switching and software stack brings improved performance and scalability to Windows Server 2003 and Windows Compute Cluster Server 2003," said Shawn Hansen, Director of HPC Marketing, Windows Server Division at Microsoft Corp. "By completing the rigorous Microsoft Windows Hardware Logo qualification, our customers have greater assurance that they can achieve optimal results using Voltaire InfiniBand in their Microsoft Windows environments."
Voltaire solutions, which deliver 10 - 20 Gigabits/second performance and low latency, improve the performance of applications running on distributed computing environments. Voltaire GridStack for Windows v2.5 now carries the "Designed for Windows" logo from Microsoft.
"By using Voltaire InfiniBand and Microsoft Compute Cluster Server 2003, customers can run high performance applications in a simplified, manageable environment that scales easily," said Patrick Guay, senior vice president of marketing, Voltaire. "We are delighted to partner with Microsoft to bring high quality, tested InfiniBand solutions to customers running the Windows operating system. We are already seeing strong adoption of the solution in the financial services and commercial HPC markets."
Voltaire solutions with the WHQL certification are available today through Voltaire's original equipment manufacturer (OEM), integrator and reseller channels.
Voltaire solutions for Microsoft Compute Cluster Server 2003 are offered as part of HP's Unified Cluster Portfolio and IBM's System Cluster 1350.
"This announcement builds on HP's existing offering with both Voltaire and Microsoft to provide our customers InfiniBand support for Windows Compute Cluster Server 2003 in solutions within our Unified Cluster Portfolio," said Jim Jackson, Director, Marketing and Solutions for the High Performance Computing Division at HP. "Completion of the WHQL certification by Voltaire and Microsoft means that customers who want to take advantage of cluster computing and require WHQL certification for their Windows-based server environments have a tested option."
Recent benchmark tests conducted by HP have shown that Microsoft Windows Compute Cluster Server interconnected with Voltaire 20 Gigabits/second InfiniBand delivers substantial performance improvements for a number of HPC applications when compared to Gigabit Ethernet as the cluster interconnect.
Windows Hardware Quality Labs testing (WHQL) is a testing process which involves running a series of tests on third-party hardware or software. It is designed to help customers identify products that deliver a high-quality computing experience with Windows operating systems.
"The IBM System Cluster 1350 offers customers a highly-scalable, fully tested, and supported solution for high-performance commercial and custom applications. They will appreciate the performance and scalability of Voltaire InfiniBand now available to them on the Windows platform," said Sergio Amoni, Director of System x Marketing, IBM. "Microsoft's certification of the solution gives extra assurance to these important customers that the solution is reliable and supported."
About Voltaire
Voltaire (NASDAQ: VOLT) designs and develops server and storage switching and software solutions that enable high-performance grid computing within the data center. Voltaire refers to its server and storage switching and software solutions as the Voltaire Grid Backbone (tm). Voltaire's products leverage InfiniBand technology and include director-class switches, multi-service switches, fixed-port configuration switches, Ethernet and Fibre Channel routers and standards-based driver and management software. Voltaire's solutions have been sold to a wide range of end customers including governmental, research and educational organizations, as well as enterprises in the manufacturing, oil and gas, entertainment, life sciences and financial services industries.
Founded in 1997, Voltaire Ltd. is headquartered in Herzeliya, Israel, and has its U.S. headquarters in Billerica, Massachusetts. More information about Voltaire is available at www.voltaire.com or by calling 1-800-865-8247.
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Laureate Capital Connects with Hyland Software’s OnBase® to Accelerate Growth, Increase Operational Efficiency
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Imaging, document management system increases communication
Hyland Software Inc., developer of the OnBaseenterprise content management (ECM) software suite, announced that Laureate Capital LLC, a boutique commercial mortgage bank and wholly-owned subsidiary of BB&T Corporation (NYSE: BBT), has implemented OnBase through KeyMark Inc., an Authorized OnBase Solution Provider. Headquartered in Charlotte, N.C., Laureate Capital, with a $9.7 billion servicing portfolio balance, chose to implement OnBase in its loan administration group to eliminate paper loan files and provide greater connectivity between the corporate location and its 17 production offices. The announcement was made at the Mortgage Bankers Association’s 94th Annual Conference & Expo in Boston.
As Laureate Capital began to expand its number of branches and increase production, administrators within the company realized the institution’s use of paper loan files was rapidly becoming inefficient. Documents would sometimes be lost or damaged, and with the growing number of branches, sharing files between the branches meant employees had to either courier or ship files. With the help of its parent company, Laureate Capital began looking for a solution that would create a paperless environment where documents could be safely stored, shared and fit Laureate’s boutique lending atmosphere.
“OnBase was one of several products we considered, and the main driver for adopting OnBase was seeing the application in use in a lending environment similar to ours at our peer company,” said Joseph Lovell, senior vice president of loan administration at Laureate Capital. “Many of the other solutions we considered were more rigid, industrial-type solutions. We were looking for a system that couldbe easily configured to the way we operate, and OnBase fit the bill perfectly.”
OnBase is an ECM software suite with applications that include document imaging, workflow, electronic document management, COLD/ERM and records management. OnBase allows financial institutions to manage all digital content, including scanned paper documents, e-mails, faxes, print streams, application files, e-forms, Web content and multimedia files.
Using OnBase, Laureate Capital streamlined operations within its loan servicing department by scanning all documents contained in and associated with a loan file into OnBase. This paperless environment eliminates the need to print and store multiple copies of loan files while increasing file accountability and enhancing communication among employees and between branches — all of which saves Laureate Capital valuable time and money.
“Before we began imaging loan files with OnBase, it seemed that information and documents would sometimes get lost in the shuffle, and the paper loan files made it extremely difficult for employees to share needed information from the files,” said Lyndell Elam, vice president and manager of document administration for Laureate Capital. “Since the implementation began, our employees have been extremely pleased and impressed with the ease in which they can access needed documents at any time through the OnBase system, regardless of who else is accessing the document at the time.”
Another deciding factor for Laureate Capital was that OnBase could be installed by KeyMark, an Authorized OnBase Solution Provider located in Liberty, S.C., near Laureate’s headquarters in Charlotte. KeyMark also provides Laureate Capital’s employees with training and technical support for the OnBase system.
“KeyMark is committed to providing our customers with the technology and best practices to solve their individual business issues and concerns,” said Victoria Newman, marketing manager for KeyMark. “Working with partners like Hyland Software, KeyMark is able to provide customers with quality solutions to streamline and automate business processes, measurably increase productivity and reduce costs, all while providing personalized service and support that our customers have come to expect.”
Since the implementation of OnBase, Laureate Capital has experienced significant cost and time savings. While currently used for imaging and indexing loan files, Laureate Capital is looking to leverage OnBase’s workflow capabilities to automate several processes within the institution. In addition, the company plans to expand its use of OnBase into its treasury management group, with the goal of creating an entirely paperless work environment.
“The largest pain point for any successful lending operation is how to manage the volume of documents and files that the lending process creates. Given the current lending climate, it is now more important than ever to invest in technology that will make your operations more efficient, as well as save time and money,” said Jason King, director of financial services for Hyland Software. “Using OnBase, lenders of all sizes are able to image, store and manage documents in a way that suits their individual business need and provides significant return on investment in a short period of time. In addition, electronic document access speeds internal review and approval procedures, which creates greater process efficiency.”
About Laureate Capital
Charlotte, N.C.-based Laureate Capital is a full service commercial mortgage banking company that arranges permanent commercial and multi-family real estate loans, services loan portfolios, provides asset and portfolio management, and real estate brokerage services. It operates production offices serving Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia and Washington, D.C. Laureate Capital’s servicing portfolio balance was $9.7 billion as of June 30, 2007. More information about Laureate Capital is available at www.laureatecap.com.
About BB&T
With $127.6 billion in assets, Winston-Salem, N.C.-based BB&T Corporation (NYSE: BBT) is the nation’s 11th largest full-service financial institution. BB&T operates more than 1,500 financial centers in the mid-Atlantic and Southeast. For more information about the company, visit www.BBT.com.
About KeyMark Inc.
KeyMark is an award-winning document capture, management and workflow systems provider founded in 1996. They combine cutting-edge technology and innovative minds to create customized solutions that resolve today’s business issues and anticipate tomorrow’s. KeyMark has helped clients increase efficiencies and decrease operating costs in various industries including: healthcare, accounts payable, accounts receivable, government, insurance, lending and human resources. KeyMark is headquartered in Liberty, S.C. with offices and affiliates in: Columbia S.C.; Indianapolis; Lancaster, Pa.; Harrisonburg, Va.; and Twin Cities, Minn. For more information about KeyMark, go to: http://www.keymarkinc.com/ or call (864) 343-0380.
About Hyland Software Inc.
Hyland Software Inc. is the developer of OnBase, a rapidly deployable suite of enterprise content management (ECM) software applications. OnBase is a modular suite of ECM applications that includes document imaging, workflow, electronic document management, COLD/ERM and records management. OnBase allows organizations to manage all digital content, including scanned paper documents, e-mails, faxes, print streams, application files, e-forms, Web content and multimedia files. OnBase is used by businesses and government agencies around the world to reduce the time and cost of performing important business functions and address the need for regulatory compliance through the management, control and sharing of digital content with employees, business partners, customers and other constituencies. For more information about OnBase, please contact an Authorized OnBase Solution Provider or visit www.onbase.com.
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Accenture and SAP Payment Platform Excels in Performance Benchmark
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Platform Processes 55.9 Million Payment Transactions in Five Hours, 21 Minutes
To help banks lower the overall cost of payment processing and comply with SEPA regulation, Accenture (NYSE: ACN) and SAP (NYSE: SAP) announced that SAP Payment Engine, the payment operations platform co-developed by SAP and Accenture, has successfully passed a performance benchmark test. The test showed that the platform can process half the trading volume of Europe’s largest payment market in less than five-and-a-half hours. The announcement was made at Sibos, the world’s premier financial services event, being held in Boston, October 1-5.
The test covered the end-to-end payment process, including payment receipt, authorization, upload, validation, limit check, routing, payment clearing, bulking of outgoing payments and real-time posting of resulting booking entries such as customer account, clearing account and suspense account entries.
The performance benchmark, which used a production transaction mix of an actual tier 1 retail bank, indicated a processing throughput of 55.9 million payment transactions in five hours and 21 minutes, with an average of 173,870 transactions per minute. The total volume of the German market, the largest payment market in Europe, is approximately 110 million transactions per day.
“To meet the requirements of the Single Euro Payments Area regulation, banks need a payment solution capable of quickly processing large transaction volumes from various sources across the enterprise,” said Eckehard Stolz, a senior executive in Accenture’s Financial Services practice. “The performance benchmark confirmed our belief that SAP Payment Engine can handle the growing transaction volumes expected from the SEPA regulation and serve as the central hub of all payment activities, enabling banks to create a common, cross-enterprise payment IT infrastructure necessary for SEPA.”
“Because it is scalable and flexible, SAP Payment Engine was developed to help banks achieve significant cost savings, improved service and operational efficiency,” said Marc Derungs, vice president banking, SAP AG. “And because SAP Payment Engine is multibank- and multichannel-enabled, it supports insourcing business models that allow banks and service providers to offer payment processing to various in-house entities and also offer white-labeled services to other banks, bringing additional volume to the hub.”
The goal of the performance benchmark was to verify the scalability and the overall throughput of SAP Payment Engine in a production-sized environment. The benchmark was based on middleware server and was sized to meet the requirements of a large IT center of a tier 1 retail bank.
About SAP Payment Engine
SAP Payment Engine, designed and built with the support of Accenture, offers a single payment operations platform to streamline all payment processes across a bank and standardizes interfaces to surrounding applications to allow the creation of a central payments hub. SAP Payment Engine is multibank- and multichannel-enabled, supporting in-sourcing business models that allow banks and service providers to offer payment processing to various in-house entities as well as white-labeled services to other banks, bringing additional volume and revenue sources onto the hub. It helps banks achieve significant cost savings, improved quality of service and operational efficiency.
The SAP Payment Engine application is based on SAP NetWeaver®, which unifies technology components into a single platform. SAP NetWeaver is compatible with banks’ existing IT infrastructure, enabling banks to manage change while minimizing custom integration. The platform is based on industry standards and can be integrated with commonly used development tools such as Java Platform, Enterprise Edition (Java EE); Microsoft .NET; and IBM WebSphere.
SAP shipped release 2.30 of SAP Payment Engine in August 2007. The focus of this latest release is to assist with compliance of current SEPA requirements.
About Accenture
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With approximately 170,000 people in 49 countries, the company generated net revenues of US$19.70 billion for the fiscal year ended Aug. 31, 2007. Its home page is www.accenture.com.
About SAP
SAP is the world’s leading provider of business software*. More than 41,200 customers in more than 120 countries run SAP® applications—from distinct solutions addressing the needs of small and midsize enterprises to suite offerings for global organizations. Powered by the SAP NetWeaver® platform to drive innovation and enable business change, SAP software helps enterprises of all sizes around the world improve customer relationships, enhance partner collaboration and create efficiencies across their supply chains and business operations. SAP solution portfolios support the unique business processes of more than 25 industries, including high tech, retail, financial services, healthcare and the public sector. With subsidiaries in more than 50 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE under the symbol “SAP.” (Additional information at http://www.sap.com)
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Aleri and OILspace Partner to Provide More Accurate Analysis and Forecasting Within Energy Trading Markets
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Aleri Inc., the leading provider of enterprise-class complex event processing (CEP) technology, and OILspace, a leading provider of real-time, on-demand energy supply chain, risk, and trade management applications, announced that they have entered into a partnership. The partnership enables the fast integration of OILspace’s OILwatch, an online energy portal, and OILspace’s Aspect TradeFlo, an “out-of-the-box” online trade management software, with Aleri’s CEP technology. Integrating Aleri’s CEP technology with OILspace’s proprietary products will provide customers and prospects with the added value of real-time analysis and automated decisions using real-time and historical data.
“Other trading markets take advantage of, and have experienced the benefits of real-time analysis combining real-time and historical data,“ said Don DeLoach, President and CEO of Aleri. “By partnering with OILspace, together we will provide the first CEP applications specifically designed for the energy trading industry in order to provide more timely and accurate analysis and forecasting.”
Oil trading by nature has been a tumultuous and risky market. By integrating Aleri’s CEP technology, traders will be able to make better, more timely decisions trading energy commodities to improve profitability and better manage risk. CEP will enable oil traders to aggregate, analyze and correlate real-time and historical data from multiple sources, to improve operations in many areas. The rapid deployment and flexibility that Aleri provides enables trading companies to quickly react to market fluctuations, automating their proprietary knowledge and processes for a competitive edge.
OILwatch, which is already widely used by energy traders, oil companies, brokerage houses, and financial institutions globally on desktops, mobile PDAs and BlackBerry devices, combined with Aleri enables real-time analysis anytime, anywhere.
Aspect TradeFlo is a ground-breaking simplified trade management solution for small trading and brokerage groups and individual traders. It delivers needed position keeping tools for a fraction of the cost of enterprise trading systems and can be implemented in just a few days via the Web. Integrating Aleri’s CEP platform with Tradeflo will enable clients to quickly and easily customize trade flow around their proprietary trading knowledge and practices.
“We are constantly looking to develop our technology in ways that better manage the trading, risk and financial operations of our clients,” said Steve Hughes, OILspace President and CEO. “Partnering with an experienced and proven CEP provider like Aleri will allow us to provide our customers with a value-added solution that allows them to analyze and respond instantly to high-volume, high-speed data to minimize risk and increase competitive advantage.”
About Aleri
Aleri is the leading provider of enterprise-class complex event processing technology for financial institutions and beyond. Aleri’s superior Streaming Platform is backed by the company’s deep background and knowledge gained over 20 years of supporting mission critical banking applications for the world’s largest banks and close to 10 years of pioneering research in the field of event processing.
The Aleri Platform was designed from the ground up to provide the most robust architecture available for the rapid implementation of mission critical applications within the most demanding environments. Built for high throughput with minimal latency, Aleri’s event processing technology allows customers to analyze and respond instantly to high-volume, high-speed data to minimize risk and increase competitive advantage. Aleri is the first to develop and deploy a commercial enterprise-class application built on event processing technology, the Aleri Liquidity Management System, which is used by some of the largest global bank treasuries in the world.
Aleri is a global company headquartered in Chicago with offices in New Jersey, London, and Paris. For more information, visit www.aleri.com.
About OILspace
OILspace is a leading global provider of real-time on-demand, web-based applications for energy marketing and supply operations. Launched in 1999, OILspace solutions now run through over 400 companies of all sizes and roles within the energy supply chain. OILspace has a proven track record for delivering scalable solutions that produce measurable returns-on-investment (ROI).
About OILwatch Energy buyers, sellers, traders, and analysts rely on OILwatch as a trusted, single source to view critical oil, natural gas, petrochemical, refined products, metals and other commodity news and pricing benchmarks essential for making minute-by-minute financial decisions. Its intuitive interface allows users to easily browse through panels of market data to swiftly track, chart and forecast transactions; and identify risks, trends and profitable opportunities ahead of competitors. OILwatch allows companies to save money traditionally spent on implementing, integrating and maintaining complex, multiple legacy systems. It's fully web-based with unparalleled service reliability, providing essential market visibility while in the office or traveling via handheld wireless PDA and BlackBerry devices.
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Norwich Union Web-enabling up to 10,000 Documents per day for Brokers
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Successful deployment of Skywire Software key to success
Norwich Union Insurance has passed a crucial milestone in the drive to improve and simplify access to important policy documents for its network of agents and brokers. Up to 10,000 documents are now being electronically packaged and delivered each day and posted to its channel extranet using a customer communications management (CCM) solution from Skywire Software.
Norwich Union’s General Insurance division selected Skywire Software to improve document delivery and information sharing with brokers, agents, claims and loss adjustors, and internal users.
Following successful deployment of Skywire Software’s CCM solution, Norwich Union commercial documents are now being pulled from a range of internal IT data streams and converted directly into PDFs. These are then accessible on-line, within a secure environment, as required. This has led to significant print, paper and postage cost savings, and proven to be highly beneficial to Norwich Union brokers, agents and adjustors, who can now offer better customer service and respond to and manage cases much more quickly and effectively.
Jennifer Slaughter for Skywire Software EMEA commented: “Norwich Union challenged us to build an efficient infrastructure that would draw information from a multitude of legacy and incoming back-office systems, and then present that information in a way that was timely and easy to access. We are very pleased at the success of this project, and that the volume of document throughput has met the customer’s expectation. By making important documents available via a Web interface, Norwich Union is nurturing a much better overall experience for the company’s essential intermediaries, and their end customers.”
Skywire Software’s CCM solution also makes it possible to sustain appropriate branding and graphic elements to replicate the look and feel of in house, pre-printed documents for all electronic business correspondence.
About Norwich Union
Norwich Union is the largest insurer in the UK. It is the leading long-term savings provider with a life market share of about 12% and more than 6 million customers. It is also the largest general insurer with an overall market share of 14% and 4.3 million customers. Norwich Union insures one in five households, one in seven motor vehicles and more than 800,000 businesses in the UK. Norwich Union is part of Aviva, the world's sixth-largest insurance group which has £291 billion of assets under management. Aviva has 60,000 employees serving 30 million customers worldwide.
About Skywire Software
Skywire Software is a leading software company serving the insurance, financial services, legal and professional services, healthcare and utility industries. The Company develops industry-specific software products that help companies integrate processes, people and information. The company's products and services enable financial service companies to create, publish, manage and archive high-volume, personalised customer communications including investment reports, financial statements and eforms. Skywire Software is dedicated to providing an unparalleled customer experience to more than 2,300 customers worldwide. For more information, contact Skywire Software’s EMEA office at +44 (0) 1372 366 200 or the Company’s headquarters at 1-800-735-6620 or visit www.skywiresoftware.com.
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Open Solutions Expands International Capabilities with Spectrum Treasury System from Financial Software Systems
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Global end-to-end solution helps institutions grow treasury business
Open Solutions, a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and international markets, announced the availability of its Spectrum Treasury System from Financial Software Systems, a leading provider of quality treasury management software. Further complementing Open Solutions’ suite of core processing technologies designed for financial institutions around the world, this application provides an advanced front-, middle- and back-office global treasury system that supports foreign exchange, money market, fixed income and derivative instruments.
Open Solutions’ Spectrum Treasury System enables financial institutions of all sizes to standardize their treasury operations on a single system, built on a single database. Clients gain an integrated client-management module, flexible analytics tool and faster processing that enables organizations to grow their treasury business in today’s highly competitive market. Additionally, the system’s interface is flexible allowing users to easily facilitate the import and export of data, as well as customize the types, formats and order of the data.
President of Financial Software Systems, Gerald Thurston, said, “We look forward to partnering with Open Solutions to offer the Open Solutions Spectrum Treasury System to an even broader audience of financial institutions worldwide. We share Open Solutions commitment to provide innovative technology solutions designed to address the business challenges financial institutions are facing. We’ve worked with some of the leading financial institutions in the world and have developed an expertise in margin trading and have designed a treasury solution designed to increase financial institutions’ profile in the foreign exchange market. I am confident the unique middle-tier calculation engine and data distribution service offered in the system will allow end-users to grow their treasury operations on a global scale.”
The availability of Open Solutions Spectrum Treasury Solution further supports the company’s goal of international expansion. Earlier this year, Open Solutions announced reseller agreements with Vietnam-based Thien Nam, Thailand-based SLC, Canadian-based Celero, India-based R Systems Inc. and Asian-based CSII. Open Solutions provides enabling solutions to domestic and international financial services providers, offering some of the most advanced functionality, technology and service in today’s market. Its relational database technology suite was designed to be an open architecture application, creating the flexibility necessary to run an agile, customer-focused institution. The product suite delivers real-time core data processing, business functionality and business intelligence capabilities that have efficiencies for both the front and back offices.
Open Solutions Chairman and CEO Louis Hernandez, Jr., said, “We are committed to offering our clients sophisticated technology solutions designed to address their business needs. As we continue to expand our global footprint, we are pleased to offer financial institutions both domestically and in the international market a complete treasury system designed to position them as leading players in the global market. FSS is a recognized leader and provider of treasury solutions and we look forward to offering this proven solution to our growing client base. Our solutions are designed to help banks of all sizes understand the full depth of their customer relationships. Open Solutions Spectrum Treasury Solution further extends this capability, helping banks better compete and grow their treasury business.”
About Financial Software Systems
Financial Software Systems is headquartered in Horsham, Penn., producing foreign exchange and interest rate risk management software for banks, fund managers and corporations. Financial Software Systems supports some of the leading financial institutions around the world. For more information visit their Web site at www.finsoftware.com.
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic information management product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting and management tools, profitability tools, wealth management, imaging, digital documents, interactive voice response, network services, HSAs, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com or by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions’ Internet site at www.opensolutions.com.
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Espirito Santo Bank Selects NetEconomy's Anti-money Laundering Solution
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NetEconomy, a business unit of Fiserv, Inc. (NASDAQ: FISV), and the global leader in financial crime management and compliance solutions, announced that Espirito Santo Bank has selected its comprehensive, anti-money laundering solution, ERASE Compliance Manager. Adding this solution will help Espirito Santo Bank to comply with regulatory requirements and to detect, analyze and report potential money laundering and terrorist financing activity.
Owned by Banco Espírito Santo (BES), the second largest bank in Portugal with more than $75 billion in total assets and ranked as one of the top ten banks in all of continental Europe, Espirito Santo Bank is a non-member, state-chartered bank located in Miami, Fla. with mainly foreign nationals as customers, due to its close proximity to Latin America and the Caribbean. By adding the ERASE Compliance Manager, Espirito Santo Bank will be able to monitor transactions to automatically detect suspicious activity, and leverage user-friendly investigation tools and a built-in case management system that tracks, prioritizes and manages cases, and automates reporting for SARs and CTRs.
"Given the location and clientele of our financial institution, it was critical for Espirito Santo Bank to select a robust and comprehensive solution that would significantly reduce our risk profile," said Martin Prego, senior vice president and head of compliance of Espirito Santo Bank. "We selected NetEconomy because it offered the smartest solution with a full range of cutting-edge capabilities that would improve the quality and effectiveness of our compliance operations. And because the system is so flexible, we won't need to add new staff over time as new regulations become increasingly more stringent."
Prego added, "With NetEconomy's solution we can help our bank expand into lines of business considered `High Risk,' such as foreign correspondent banking and money service businesses, that without NetEconomy, we would be too at-risk to provide. We are extremely pleased with the choice of NetEconomy and look forward to the added value across multiple fronts that the solution will provide to our financial institution."
"As a financial institution serving foreign nationals operating across Latin America and the Caribbean, Espirito Santo Bank required a solution that would minimize risk while at the same time improve compliance processes and maximize resources," said Andrew Davies, general manager and sales director of the Americas, of NetEconomy. "We are very pleased to help Espirito Santo Bank address these complex challenges to safeguard their firm and improve compliance operations."
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