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Articles from
December 2007
Rivermark Community Credit Union Automates Loan Processing with Open Solutions IA Systems
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IA Systems, an Open Solutions business unit and a provider of lending software and services for financial institutions, announced that Rivermark Community Credit Union, a $370 million asset-size credit union headquartered in Beaverton, Ore., selected StreamLend™ Velocity. This paperless, end-to-end loan origination system (LOS) was chosen to better automate and accelerate the lending process while integrating with its core data processing system, allowing the credit union's existing data to be incorporated instantly to speed processes. Open Solutions Inc.® is a leading provider of integrated enabling technologies for financial services providers across the United States, Canada and other international markets.
Using StreamLendVelocity, Rivermark can make instant offers to new members for credit cards or auto loans, among other services. The system offers advanced security, auditing and compliance tools to protect borrowers and keep data safe. StreamLendVelocity's proprietary, configurable workflow engine enables credit unions to customize the system to meet the needs of any lending environment. Furthermore, the system seamlessly integrates with supporting programs and Web sites like Kelley Blue Book, allowing employees to quickly and easily generate auto loan values.
"Beyond the system's interface capabilities, we were very impressed that IA Systems hired a consulting firm to research how credit union employees best understand and use technology," said Gayle Rust Gustafson, vice president of financial services for Rivermark. "This data was then used to create a user-friendly system that automates processes and improves workflow. Few providers would make such a commitment, and this dedication was a factor in our decision."
During the vendor selection process, Rivermark recognized a number of quality loan origination systems, but few interfaced with its core platform. Open Solutions IA Systems recognized the need for its clients to have the ability to interface to any core system, and used various resources to accommodate the specific demands of Rivermark without placing any additional IT demands on the credit union.
"The ability to seamlessly integrate with a variety of core processing solutions has always been a key benefit of StreamLend Velocity," said Dave Van Pelt, general manager of Open Solutions IA Systems. "That continues to be true today. We ensure our solutions work in tandem with any of the core solutions on the market. Taking the responsibility of full integration helps to keep our lender partners' focused on making loans and not on technology installations. We continue to dedicate ourselves to providing the best technology to lenders, and therefore use the necessary resources to assure that each lender has a solid processing system to increase efficiencies and reduce operational costs."
About Rivermark Community Credit Union
Based in Beaverton, Ore., Rivermark Community Credit Union is a member-owned, not-for-profit financial cooperative with assets exceeding $370 million. For more than 56 years, families in the surrounding communities have trusted Rivermark for unique and affordable financial solutions. With reasonable rates, convenient access and friendly, personal service, Rivermark helps over 45,000 local members get the most out of life.
About Open Solutions IA Systems
IA Systems, an Open Solutions business unit, has developed technology to streamline business operations for credit unions, banks, and other financial institutions since 1991. Its flagship product, StreamLend Velocity, is a paperless, Web-based loan origination system that speeds credit and loan decisioning, integrates sales channels, and manages risk for financial institutions. For more information about Open Solutions IA Systems and its products and services, visit www.IASystems.com or call 800.803.7554 ext. 279.
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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Netage Solutions Bolsters Client Service with Launch of “The Client Connection”
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New Portal Provides Clients with Sophisticated Self-Service Tools, an Enhanced Help Desk Ticket System, and Other Resources for Quickly Resolving Requests
Netage Solutions, Inc., a leading provider of Outlook-based, industry-specific CRM and Investor Relationship Management software for alternative investment professionals, announced it has launched the Client Connection, a new client portal that equips users with state-of-the-art tools, including new self-service features and an enhanced helpdesk ticket system, for quickly resolving issues and requests. The Client Connection, along with a series of Client Advisory Board meetings and Dynamo Workshops, are part of a broader initiative Netage has undertaken to more proactively address client needs, foster an interactive community of DynamoEnterprise™ users, and further differentiate itself through exceptional service and support.
The Client Connection includes new self-service tools that clients can use to immediately diagnose and resolve issues, significantly reducing resolution times. Dynamo Help has the same look and feel as the Help function built into DynamoEnterprise™ version 5.2, with the added benefit that the content will be regularly updated and expanded as new issues or client needs arise. Another self-service feature, Knowledgebase, contains a categorized listing of frequently asked questions (FAQs) as well as a search function for quickly pinpointing answers.
In addition to these self-help options, the new portal includes an enhanced Ticket System that allows clients to continue to submit and track support requests online. A key new feature automatically compares keywords within the ticket being generated to the knowledgebase and recommends relevant articles – providing yet another option for addressing issues in real-time. Additional site features include an area for Downloads as well as a News section to keep clients abreast of service-related news and upcoming product releases.
The Client Connection will be regularly updated with new content and features designed to foster client interaction and best practices sharing. Additional enhancements will be announced in the near future.
“With the launch of the Client Connection, our clients now have access to more sophisticated support tools and resources than ever before,” said Kevin White, Director of Client Relations at Netage Solutions, Inc. “They can easily address common questions or issues through self-service while reserving the ticket system and phone support for more complex inquiries. At the same time, we’ve taken the first steps towards transforming the site into a broader online community where Dynamo users can ultimately access a wealth of resources, network with peers, and exchange tips for accelerating user adoption.”
In addition to launching the Client Connection, Netage continues to add Client Relations staff, expanding the resources available to service clients and provide phone support from the company’s Watertown, MA headquarters.
About Netage Solutions
Netage Solutions, Inc. provides Outlook-based, industry-specific CRM and Investor Relationship Management software designed for alternative investment professionals, including private equity firms, hedge funds, real estate funds, prime brokers, funds of funds, and institutional investors. Intuitive and highly configurable, the DynamoEnterprise™ Suite has improved the productivity of deal and investor relations teams worldwide. Collectively, our clients manage more than $300 billion in assets. For more information, please visit www.NetageSolutions.com.
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ALOGENT PROVIDES REMOTE DEPOSIT SOLUTION TO FRONTIER BANK
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Alogent Corp., a leading provider of enterprise deposit automation technologies for global financial institutions and processors, announced Everett, Wash.-based Frontier Bank, has chosen its Sierra Xpedite® Remote Deposit™ solution to provide a turn key remote deposit automation approach for its commercial customers.
"We are proud to partner with an organization like Frontier Bank, which has been recognized both locally and nationally for service excellence," said Paul Citarella, EVP at Alogent Corp. "In adding a remote deposit solution to its offerings for business customers, Frontier is enhancing its market competitiveness and at the same time realizing additional revenue opportunities. Alogent's solution, in particular, is designed to enhance the customer experience by providing both robust functionality and ease of use, while giving business customers a cost effective and convenient method of making deposits without taking paper checks to the bank."
Frontier, which has $3.5 billion in assets and 48 branches, has elected to deploy the application service provider (ASP) version of Alogent's remote deposit automation suite. Specific features include automated setup for the financial institution and its customers, a simple, web-based user interface and intuitive workflow that requires virtually no end-user training, real-time capabilities such as full user authentication and enhanced, integrated security standards.
Alogent's ASP solution is supported by a unique user interface that offers branding for each financial institution, image capture and deposit validation, as well as real-time image quality and usability to minimize image quality warranty risk for the institution, while minimizing operator effort. Additional functionality includes CAR/LAR to automate dollar amount capture and allow amount field correction for deposit balancing. Duplicate item detection across multiple days minimizes duplicate presentment risk whether inadvertent or with fraudulent intent.
"Frontier Bank is excited to begin offering Alogent's remote deposit solution to our business customers," said Cindy Melland, EVP at Frontier Bank. "Feedback from our pilot customers has been very favorable, and we believe this partnership will enhance our product mix, provide a positive customer experience, and ultimately benefit our bottom line."
In a recent report published by Celent, remote deposit capture (RDC) was noted as the most rapidly adopted technology in U.S. financial services history, with over 4,000 financial institutions expected to have launched RDC products by the end of 2007. Further, industry analyst Financial Insights estimates that banks will spend $23 million for hardware and software in 2007, peaking at $42 million in 2010 before it begins tailing off as the service reaches almost universal deployment.
About Alogent
Founded in 1995, Alogent Corporation is a leading global provider of enterprise payment processing solutions that enable financial institutions and processors to accelerate the conversion of paper to electronic processing. The company's Sierra® suite of solutions automates payments and deposits at every point of presentment (including tellers, branches, ATMs, merchants, corporations, cash vaults and with correspondent banks) while optimizing electronic data and image processing and settlement. Alogent is the deposit automation market leader with our platform processing billions of payments annually with over 75,000 desktop points of presentment sold. 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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ImageRight Announces London-Based Hardy Underwriting Group as 400th Client
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ImageRight, a leading provider of insurance-focused content management and workflow solutions is pleased to announce the signing of London-based Hardy Underwriting Group PLC, a specialty insurer and reinsurer operating within Lloyd's of London, as the company's 400th client in the insurance industry.
"ImageRight is pleased to announce a new strategic alliance with Hardy Underwriting Group for the provision of content management and workflow solutions," said Don Elias, president of ImageRight.
The data-intensive nature of the insurance business makes content management and workflow crucial for eliminating paper and automating processes relating to core administration functions. Content management and workflow solutions improve the fundamental business of insurance and enable insurers to serve customers better. Recent technology improvements industry-wide and in the ImageRight offering specifically encouraged Hardy to change from its existing document management and workflow solution. Hardy chose ImageRight because the company specifically serves the insurance industry, and the ImageRight product consequently addresses a number of requirements without having to build or specify many bespoke changes to the application.
Matthew Simpson, chief operating officer at Hardy noted, "The combination of ImageRight's experience and the dedication of their skilled staff resulted in a well-rehearsed efficient and painless transition process, encompassing implementation, configuration, migration and training, engaging with our users at each stage. Their product has been implemented across the business and has been well received and adopted by the company. The ability to organize, identify and view information more quickly and efficiently than could previously be achieved through our existing applications made ImageRight a great choice for Hardy. We believe that the adoption of these types of solutions will help drive greater efficiencies across the business, generating value for all of our stake holders."
ImageRight's clients represent all segments of the insurance industry, including life, property/casualty and reinsurance carriers, agencies, MGAs, wholesale insurance brokers, and insurance service providers. This diverse client base positions ImageRight in the U.S. as well as globally to effectively and efficiently solve the content management and workflow problems of companies operating in the insurance industry.
About ImageRight
Conyers, Ga.-based ImageRight is a wholly-owned subsidiary of Vertafore, Inc., a leading provider of specialized software solutions and information for the insurance industry. ImageRight provides complete document and content management solutions coupled with advanced workflow automation that is scalable for insurance operations of all sizes, and that has been implemented at over 400 companies within the insurance industry. For more information, please visit ImageRight on the web at www.imageright.com, or contact an ImageRight professional via phone at (770) 860-0065 or via email at inquiry@imageright.com.
About Hardy Underwriting Group PLC
With an unparalleled record of profitability over more than 25 years, Hardy Underwriting Group is a specialty insurance and reinsurance company with business centered around its management of and participation on, originally one but now two Lloyd's of London syndicates - 382 and 38 Twenty, underwriting a range of insurance and reinsurance classes on a world-wide basis. Hardy Underwriting Group is the holding company for the Hardy Group. Its shares have been quoted on the Official List of the London Stock Exchange since June 1999. For more information, please visit Hardy on the web at www.hardygroup.co.uk.
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FOREX CAPITAL MARKETS (FXCM) SELECTS 29WEST MESSAGING SOFTWARE TO IMPROVE SCALING AND REDUCE LATENCY
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FXCM has moved into full production with the 29West Messaging solutions firm wide
29West, Inc., pioneers in low-latency messaging technology, announced that FXCM has completed its migration from legacy messaging solutions and is in firm-wide production with 29West's low-latency messaging technology in its flagship Forex System Selector (FSS) system.
Servicing more than 100,000 real trading accounts with subsidiaries in London, Hong Kong, and Tokyo, Forex Capital Markets has firmly established itself as the leading participant in the online currency trading industry.
According to Yuri Miroshnikov, CTO of FXCM, trading volumes on the FXCM systems has been more than doubling every year, and the trend show no signs of slowing down. "We knew we needed to stay ahead of the curve by upgrading our systems to a higher performing messaging layer. We started working with 29West in 2005, and had systems in production in 2006. The success of these deployments made it clear we needed to move to the 29West Latency Busters Messaging (LBM) Solutions firm wide for all our low latency messaging needs. We have used a number of other solutions in the past, but the combination of performance, next generation design and world class support made 29West the clear choice. We are committed to providing the best infrastructure and the best platform in the industry. It was clear 29West provided the best solution for today as well as our future growth."
An important consideration in choosing a messaging solution was the support for Java as well as very low latency persistent message delivery. With 29West's Ultra Messaging for the Enterprise (UME), features like delivery confirmation and durable subscriptions are provided with sub 100 microseconds latencies.
"We were impressed with the focus and expertise 29West brings to the financial markets. Unlike our experiences with large firms who are focused on broad EAI solutions, 29West understood our business needs, worked closely with our team, and delivered exactly what we needed. The production cutover went flawlessly and the performance gains have made us very pleased with the choice of 29West as our partner." Said Alexander Ryssiouk, Director of Development, FXCM.
Mark Mahowald, President and Founder of 29West said, "FXCM has grown very rapidly by being an innovator in the market and providing a great solution with outstanding customer support. It was a pleasure to work with them to provide the high-performance messaging backbone for this industry leading solution. As latency and stability under load become more and more critical, we are seeing continued growth in the market for our Latency Busters Messaging (LBM) and Ultra Messaging for the Enterprise (UME) products. The trend is toward higher performance data delivery and that trend is forcing many firms to reconsider how they distribute and share data. This pressure towards low latency and high performance plays well for us, given our performance advantages over the other commercial messaging products available today."
29West's LBM is a fast, efficient, lightweight messaging system targeted specifically at low-latency, high-speed streaming messaging applications. UME is a low-latency, high-speed persistent messaging solution with delivery confirmation that is designed for larger firms that need a new messaging model to replace legacy messaging solutions enterprise-wide.
ABOUT FXCM (www.fxcm.com)
Registered with the CFTC as a Futures Commission Merchant, FXCM (Forex Capital Markets LLC) has received numerous awards from the investment community, including Best Currency Broker from Shares, Best Retail Foreign Exchange Platform from FX Week and Best Foreign Exchange Specialist from Technical Analysis of Stocks & Commodities. In addition to currency trading, FXCM offers educational courses on forex trading, and provides research through DailyFX.com.
ABOUT 29WEST (www.29west.com)
29West is the leader in high-performance, low-latency messaging solutions for financial institutions. Founded in 2002 by Mark Mahowald (former COO of Talarian), 29West team members have been at the forefront of high-speed, real-time data distribution and networking since the mid-1980s. From its first release in November 2004, 29West's Latency Busters(r) Messaging (LBM) has set a new standard in performance for financial market messaging and has been deployed in over 100 firms worldwide. With the introduction of Ultra Messaging (tm) for the Enterprise (UME) at the end of 2006, 29West has added persistence and delivery confirmation to its industry-leading messaging product offerings. With offices in Chicago, New York, London and Tokyo, 29West supports the financial markets worldwide.
For more information, visit http://www.29west.com
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Kevin Kelly Joins XDimensional Technologies To Lead Expansion Of Enterprise Systems Markets
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XDimensional Technologies Inc., the provider of Nexsurer, the Internet insurance agency management solution, announced that Kevin Kelly, formerly of Microsoft Corporation, has joined XDimensional Technologies as Executive Vice President, Enterprise Markets.
Mr. Kelly's responsibilities include advancing and articulating XDimensional's vision, strategy and execution in the areas of large account point-of-sales and service environments, carrier call centers, and large brokerages and agencies. Mr. Kelly will also manage XDimensional's relationship with Microsoft and other Insurance Value Chain partners - the partner program he founded and lead while at Microsoft.
Bob Juracka, President of XDimensional states, "With our focus on and demand from large enterprise agencies and brokerages, we needed additional top industry talent to lead our charge in this critical marketplace. We've had the privilege to work and partner with Kevin over the years, experience his outstanding and exceptional contributions, and recently had the opportunity to invite him aboard. We couldn't be more pleased by his joining the XD team and with the opportunity to leverage his enormous experience on this important customer segment."
Coming from a decade of work at Microsoft in the areas of worldwide strategy development, executive relations and sales support, Kevin has more than 20 years experience working on insurance technology initiatives, focused on business process improvement.
States Mr. Kelly, "I've watched XDimensional from their initial stages of development as a Microsoft partner, through their current success, serving some of the most important and pivotal insurance entities in an enterprise capacity. At Microsoft, we valued XDimensional highly and regularly pointed out their great approach to a challenging application space. XDimensional's vision for insurance processing and their platform architecture set the standard for how all applications should function looking ahead. I am delighted to be a part of a great executive team and this superb company."
About XDimensional Technologies, Inc.
XDimensionalr Technologies, Inc. (www.xdimensional.com) based in Brea, CA., develops and markets Nexsurer, the Internet insurance agency management solution that connects agents, carriers, brokers, and policyholders, driving efficient business production, superior customer service, and insightful business management. Nexsure offers robust contact management, sales force automation, advanced work flow, standard (property and casualty, life and health, benefits) and custom lines of business, policy life cycle management, CRM, and multi-office accounting and reporting. Nexsure is a scalable, web-based, Microsoftr .NET application with built in web services, data processing, and transactional capabilities. Nexsure provides unmatched ease of use, scalability, and information availability to help insurance agencies achieve their business goals. XDimensional Corporate Headquarters are located at 145 S. State College Blvd, Suite 160, Brea, CA. 92821, tel: 714-672-8960, fax: 714-672-8908
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Blue Frog Solutions Releases Annuity Replacement Evaluator
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A tool for the Analysis and Evaluation of Annuity 1035 Exchanges and Qualified Plan Replacements
Blue Frog Solutions, a leading provider of Life & Annuity Solutions for order management, compliance, and straight-through processing, released its Annuity Replacement Evaluator (ARE), a tool for analyzing and evaluating Annuity 1035 Exchanges and Qualified Plan Replacements.
In today’s financial landscape, 1035s and qualified plan replacements are very common. However, producing documentation that compares the surrendered or exchanged annuity to the new business annuity to satisfy IRC 1035(a) (now FINRA Rule 2821) has been difficult, at best.
The Annuity Replacement Evaluator is a hosted solution from Blue Frog Solutions that allows financial advisors to compare and print annuity replacement evaluations derived from a combination of surrendered contract data entered by the financial advisor, as well as up-to-date annuity new business product information provided by insurance carriers.
Financial advisors simply enter information about the contract owner and the 1035 or qualified plan replacement (surrendered contract) and select the new business product, features and feature details from a list provided by insurance carriers. At the completion of the data entry process, the financial advisor is able to review all of the information he or she entered before generating the evaluation. The advisor can then save the evaluation to his or her desktop as a PDF file or print the documents for historical purposes.
“Blue Frog’s Annuity Replacement Evaluator will give broker/dealers a leg up in providing reliable annuity evaluation and analysis of information,” says Dan Smith, Blue Frog’s COO. “With this innovative new tool, financial services firms can be more assured that they are in compliance with FINRA Rule 2821.”
Blue Frog Solutions, (www.bluefrogsolutions.com), based in Pompano Beach, Florida, is a leading technology solutions provider and business processing outsourcing (BPO) firm that focuses on the life, annuities and long-term care market. Blue Frog automates both front and back end business processes between carriers and distributors with a focus on compliance to create automated business process efficiencies. Blue Frog’s solutions are based on the firm’s flagship ADMServer Framework software suite. As one of the largest providers of ACORD-based transactions and DTCC solutions, Blue Frog currently provides ADMServer solutions to more than 60 percent of the top 40 life and annuity companies and many of the largest distributors in the U.S.
More information about the Annuity Replacement Evaluator is available at: http://www.bluefrogsolutions.com or contact Doug Massey at 954-788-0700 x216 dmassey@bluefrogsolutions.com
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Maritima Seguros Receives Hyland Software RealSolutions Award for Insurance
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International insurer recognized for excellence in process automation, information management and business process outsourcing
Hyland Software Inc., developer of the OnBase®enterprise content management (ECM) software suite, recently recognized Maritima Seguros, a Brazilian-based insurance provider, with its RealSolutions Award for excellence in business process automation in insurance. Maritima deployed Hyland’s OnBase ECM solution for all core business processes (underwriting, claims, customer service) across P&C, auto and health lines of business in their Sao Paulo-based headquarters as well as within their network of 85 branch offices.
Highlights of the results achieved within an 18-month period include:
· Branch offices reduced callbacks by 60-70 percent, improving service while reducing labor requirements
· Average time to issue a policy has been reduced by 50 percent
· Reduced underwriting time for P&C from 11 to 5.7 days, more than 50 percent of files are completed in five days or less
· Phone calls between headquartered and branch offices were reduced by 10,000 minutes per month
· Automation of manual processes reduced labor costs equaling five full-time employees
“It is an honor to be recognized as a leader in business process management in the insurance industry,” said Erico Tadashi Yamamoto, superintendent of IT and processes at Maritima Seguros. “ECM technology is the cornerstone of our success. By working hand-in-hand with Hyland and Recall, we’ve made improvements in every department and within our branch network of 15,000 brokers and there is more to come.”
The RealSolutions Award was presented at Hyland Software’s OnBase Training and Technology Conference (OTTC) held in Nashville, Tenn., in September 2007. Value-added reseller, Recall do Brasil, was also recognized for its work with Maritima Seguros in handling document preparation and business rules management.
Using Hyland Software’s OnBase ECM solution, Maritima Seguros overcame numerous workflow and business process challenges by improving service response times in compliance with service level agreements; reducing costs related to internal tracking and fraud prevention; maintaining consistent processes to support compliance initiatives and audits; and offering various authorization levels and controlled access to policyholder files.
“Maritima Seguros provides a model for business process outsourcing from which all insurers can learn,” said Ed McQuiston, director of Insurance Solutions for Hyland Software. “Maritima embraces both the use of innovative ECM software from Hyland as well as business processing outsourcing of key information management activities to Recall. Handling data management internally would normally require many dedicated IT resources. In the end, Maritima is able to focus on its core business, which is providing policyholders with fast, professional responsiveness, when they need it.”
With more than 200 insurance industry customers using the OnBase ECM solution, Hyland’s expertise lies in the improvement of business processes through content management capabilities.
About Maritima Seguros
Maritima Seguros, headquartered in San Paulo, is the tenth largest insurance provider in Brazil. Maritima’s business lines include property and casualty (including auto), health and life. Founded in 1943, it’s a conservative company in terms of risk but quite a pioneer when the subject is technology for the business. It was the first company in Latin America to start using an imaging system in 1993. “Imaging is in our blood” says Yamamoto. “It made possible for the company to assimilate all this new improvements. We changed completely our labor activities in operational processes”.
About Recall
Based in Atlanta, Recall is present in more than 20 countries, providing approximately 80,000 customers with the benefits of working with a recognized global leader in the field.
Recall has earned its reputation by helping businesses securely manage information throughout its life-cycle. As a service-based business, Recall’s first and foremost commitment is to our customers. Every process, every procedure, every solution is designed with the customer in mind.
Recall believes in driving world-class operational excellence in everything we do. Our quality and business improvement program, IMPACT, drives Six Sigma, Lean and Project Management methodologies for all processes and projects to assess, evaluate and improve business operations that guarantee performance predictability and efficiency. For more information please visit recall.com
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 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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No1 FX Gets New Grid Solution
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Xchange Business, a leading player in the Bureau de Change and worldwide currency transfer market, has today gone live with its new grid-based bureau system called No1 FX. No1FX is based on the financial services grid architecture (www.fsgrid.com) and has helped to automate XChange Business’s business processes and cut operational costs through allowing rapid deployment to new outlets.
The system is built on top of Corporate Modelling’s Business Processing Grid* and was designed and developed using their enterprise improvement tools along with Microsoft Windows Compute Cluster Server 2003. This joint application development has resulted in a feature rich solution tailored to XChange Business’s exact business requirements.
In the next few weeks the new system will now roll out to over 220 bureau de change outlets throughout the UK, trading under “No1Currency”, and thereafter to the new wave of sites coming shortly.
Mark McElney CEO XChange Business said, “We had a legacy bespoke solution that was limiting our company growth and when we looked around the marketplace there was really nothing that could deliver the real time statistics and reports we needed. By using a custom solution with grid processing we have exactly what we wanted and the power to scale in line with our rapid expansion plans. It provides us with the power and reliability of a mainframe but at a fraction of the cost”
The key to the deployment and new features that have been implemented has been the use of Microsoft’s click once technology making the remote support much easier. Michael Newberry, Product Manager of High Performance Computing (HPC) at Microsoft UK said of the initiative “We are delighted with the work of Corporate Modelling, and the application areas in which they are taking HPC.”
This new system is an example of the work organisations in the financial services sector are doing with grid computing and how it has advantages over a traditional mainframe system especially with the expansion the sector is seeing. Norman Mitchell IT Director of XChange business said, “The power of the system gave us exactly what we want and allows for the future scalability at a low cost and low maintenance to cope with the increase in the number of franchisees”.
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Central One FCU Looks to the Future and Selects Open Solutions' Enterprise-Wide Data Processing Platform
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Progressive credit union expands technology initiatives and gains competitive advantage
Central One Federal Credit Union announced it has selected Open Solutions Inc.'s The Complete Credit Union Solution®, a relational core data processing platform for credit unions, to address its enterprise-wide data processing needs. Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the world.
Based in Shrewsbury, Mass., Central One Federal Credit Union has approximately $250 million in assets, eight branches and serves more than 25,000 members. As the credit union continues to expand and grow its membership, it realized the need for a core technology solution that could support its current operational and business objectives, as well as evolve to meet its future goals.
"We were very impressed with the underlying technology, the open architecture of the database and the .Net front end of the platform," said Tom Clancy, vice president of operations, Credit One Federal Credit Union. "The ability of the system to evolve along with the credit union's continued growth was the primary factor in our decision. Additionally, the ease of navigation and the intuitive design of the solution will enable our employees to pull member information very quickly, in turn significantly increasing our ability to respond to member inquiries; quickly deploy targeted and relevant product offerings; as well as create more of a self-service environment for those members who would prefer to rely on technology to meet their banking needs."
Central One Federal Credit Union was established in 1952 as an occupational-based credit union, serving the employees and family members of the New England Electric System and their affiliate companies. In 1998, the credit union was officially granted a community-based charter.
"We anticipate continued momentum in terms of organic and new member growth," said Clancy. "For the last five years, the credit union has taken an increased focused on leveraging technology solutions to better accommodate this growth and maintain superior member service. Implementing a more sophisticated core data processing platform was the logical next step for advancing our technology infrastructure. Following implementation of Open Solutions' TCCUS, we intend to leverage the technology suite to deliver more sophisticated solutions to our members including automated lending decisioning, relationship pricing, telephone and online banking capabilities, as well as Check 21 initiatives such as document imaging and remote deposit capture."
Upon implementation, Clancy expects the credit union to gain operational efficiencies, enhanced report generation capabilities and expanded workflow analysis. The Complete Credit Union Solution is built on a powerful, centralized OracleÒ relational database designed to be an open architecture application, creating the flexibility necessary for running a service-oriented financial institution. It helps credit unions streamline both front and back office processes and creates a centralized view of members, employees and business partners.
"Overall, we felt Open Solutions was the best long-term partner for our credit union," said Clancy. "Our market is becoming increasingly more competitive. Everyday our members are receiving offers from other banks and credit unions in the area. With Open Solutions' TCCUS, we will have the flexibility to better compete by quickly delivering new products and offering more value-add services. The overall functionality we anticipate to gain following implementation will enable our entire staff to better serve our members."
Open Solutions provides credit unions with a fully featured strategic product platform, integrating core data processing with strategic applications such as Internet banking, business intelligence, financial accounting applications, electronic imaging, payment and interactive voice response solutions. In addition to The Complete Credit Union Solution data processing platform, Central One Federal Credit Union is also implementing Open Solutions' integrated solutions including cViewT (CRM/business intelligence), interactive voice response, financial accounting suite and the credit card module.
"As credit unions continue to face increased competition, the underlying technology infrastructure is becoming an even more critical component to ensure success," said Louis Hernandez, Jr., Open Solutions chairman and CEO. "Progressive credit unions like Central One Federal Credit Union realize the significance of leveraging technology to automate business processes, improve overall member service and gain a more complete view of their membership. We too understand the importance of technology in today's market and our commitment remains the same - to design and deploy innovative product offerings that best suit the needs of our clients' members and employees. We look forward to working with Central One on both its short and long-term objectives."
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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PruProtect Selects Skywire Software to Improve and Personalise Policy Documents
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New Prudential Insurance / Discovery Life Joint Venture to Transform Customer Communications
Skywire Software, a leading global provider of enterprise software and services for the insurance industry, announced PruProtect has selected its Customer Communications Management (CCM) solutions to automate the design, production, management and delivery of all its policy-related correspondence. PruProtect is a UK and South African joint venture between Prudential Insurance and Discovery Life, South Africa’s fastest-growing major life insurer.
The new company will use Skywire Software’s CCM solution consisting of Documaker Studio, Documanage and Docupresentment to speed the process of creating or amending policy documents, welcome packs, renewal letters, claim letters and other key communications across all divisions and countries. Skywire Software’s CCM solution can prescribe anything from standardised document content to branding elements like logo positioning, font and colour, thus ensuring both greater consistency and more centralised control across the organisation.
It also offers PruProtect a workflow user interface that allows multiple participants from design, marketing, compliance and other relevant groups within the company to participate in the development and approval of customer facing documents. By extending its existing CCM solution for Discovery Life to the new joint venture company, Skywire Software was able to deliver a workflow user interface with enquiry, reporting and email/inbox facilities that perfectly met the insurer’s needs, and one that operates effectively across two countries, three sites, and two time zones with cultural and business practice differences.
Skywire Software’s CCM solution is projected to help PruProtect achieve a response rate to file requests of less than two seconds, based on similar benefits gained at Discovery Life. Furthermore, the insurer now has the flexibility to modify documents freely. This helps ensure all documents are kept up to date and accurate, whilst also benefiting from having the capability to personalise each document for each individual customer.
Jaco Brand, chief operations officer at PruProtect, commented: “Document design and modification is typically a systems task that requires highly skilled IT personnel. PruProtect needs a tool that makes the production of documents faster, allows for very quick changes and basically puts the design of documents in the business area. The Skywire Software products were selected based on the evaluation done by Discovery Life, and an early view of the product capabilities within Discovery.”
Wendy Gibson, chief marketing officer of Skywire Software, commented: “Our CCM offerings help insurers transform paper-driven processes into electronic workflows, dramatically reducing the time, errors and costs associated with manually creating policy documents and correspondence. We are very pleased to be providing PruProtect with a solution that brings all stakeholders into the document creation process and significantly reduces policy production cycle times.”
About PruProtect
Launched in September 2007, PruProtect is an extension of the existing joint venture between Prudential UK and Discovery, which began with PruHealth. Unique to the current UK protection market, the PruProtect suite of products includes Life Cover, Income Protection and severity based Serious Illness cover. PruProtect is based on the innovative Vitality points system and is designed to encourage customers to take control of their own health and wellbeing, which gives policyholders the potential to decrease premiums during the course of their contract. By recognising people's efforts to look after themselves, PruProtect is able to offer a more comprehensive set of benefits than traditional providers at a very competitive price.
About Skywire Software
Skywire Software is a leading global 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 insurers 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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