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Articles from
February 2008
Prodiance Bolsters Spreadsheet Management Solution with New Risk Assessment Capabilities
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Prodiance Corporation, the leading provider of enterprise spreadsheet management solutions, announced that it has added a new spreadsheet risk assessment module to the Prodiance Enterprise Spreadsheet Manager system. Mission critical spreadsheets are often very complex, contain high dollar amounts, and affect key decisions and financial accounts. Left uncontrolled, such critical spreadsheets can pose significant operational and non-compliance risks to an organization. The new risk assessment module is designed to help proactively report on this risk across an entire spreadsheet inventory.
“According to guidance from leading tax and audit firms, determining spreadsheet risk is a key component to controlling critical spreadsheets,” said Dr. Soheil Saadat, president and CEO of Prodiance Corporation. “By working closely with several leading auditors to develop and optimize the new risk assessment module, we’re delivering the best possible solution to help organizations take a proactive approach to identifying and mitigating spreadsheet risk, while improving compliance.”
In the past, auditors have evaluated spreadsheet risk via time-intensive and manual methods. The new risk assessment module automates spreadsheet risk assessment by first analyzing the spreadsheet against an extensive set of risk criteria encompassing complexity, materiality and use. Each risk criterion can be configured with a weighting factor along with risk thresholds to determine high, medium and low risk levels.
Some examples of risk criteria include:
- The presence of pivot tables, queries, external links, invisible or hidden cells/rows/columns or macros.
- The number of formulas, specific cell values, file size, or the number of worksheets.
- Whether a spreadsheet contains sensitive or confidential information such as social security numbers or credit card numbers.
Availability
The new risk assessment module is planned for general release in March 2008.
About Prodiance
Prodiance delivers enterprise class software solutions to help organizations increase visibility and control over business critical spreadsheets and Access Databases while improving compliance and mitigating operational risks. Prodiance leverages over 17 years experience in delivering innovative technology solutions for highly regulated markets. Leading global organizations across the banking, insurance, capital markets, telecommunications, manufacturing, aerospace and defense, media and entertainment, food and beverage, health care, and educational markets have trusted Prodiance as a strategic partner to achieve their goals. Prodiance Corporation is an independent, privately held corporation based in San Ramon, California. Additional news and information about Prodiance solutions, products and services is available at www.prodiance.com or by calling 1-866-569-5678.
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Exstream Software’s Kelley Sloane Honored as OutputLinks Woman of Distinction
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Kelley Sloane, vice president of worldwide marketing for Exstream Software LLC, has been honored as one of the OutputLinks Women of Distinction Class of 2008. The award is sponsored by OutputLinks, a highly respected information and research resource of the high volume transaction output (HVTO) industry. Established in 2002, the Women of Distinction award honors the contributions and achievements of the women who help to shape the HVTO industry. Sloane will be recognized along with six other recipients at a luncheon being held during the AIIM/ON DEMAND conferences in Boston, March 3-6, 2008.
Sloane has served as vice president of marketing for Exstream Software since April 2000, where she is responsible for corporate, product, industry, and international marketing for Exstream, as well as customer relations and co-marketing partner programs. Her leadership skills in directing Exstream’s marketing efforts have significantly contributed to the company’s dramatic growth, which includes aggressive global expansion and attaining the position as best-of-class solutions in the area of enterprise document automation. Exstream was the first software developer to provide the capability for what is today known as "TransPromo"—the ability to add marketing and promotional messaging to transactional documents. Sloane was promoting this initiative long before the industry saw the benefits in branding it.
"Kelley Sloane is an outstanding leader in technology and business and an excellent role model using her energy and creativity in making valuable contributions to our industry," said Julie Plata, COO, OutputLinks. "We are proud to include her as an OutputLinks Women of Distinction."
"I am honored to receive this award and to be included among OutputLinks’ impressive roster of Women of Distinction," said Sloane. "I feel very fortunate to work in such a dynamic business environment with such a fantastic team that has made achieving an award like this possible."
About OutputLinks Awards & Recognitions Programs
OutputLinks Awards & Recognitions are part of a growing number of industry programs sponsored by OutputLinks to recognize the many contributions, achievements, and successes of outstanding professionals and companies in the high volume transaction output (HVTO) industry. OutputLinks Awards & Recognitions include:
Women of Distinction;
Sustainability/Stewardship Award;
EDP Award of Merit;
Vendor of Value; Scholarships managed by the Electronic Document Systems Foundation (EDSF).
About OutputLinks
OutputLinks, through its web portal, eNewsletters, hardcopy publications, industry search engine and major conference partnerships, is recognized as the primary global research and information resource of the high volume transaction output (HVTO) industry. OutputLinks serves those who buy, sell, use, manage, and provide consultation and resources to the HVTO industry. The OutputLinks research and information tools are provided free of charge to industry professionals, thanks to sponsorships from leading industry vendors. The OutputLinks Platinum Site Sponsors are: Barr Systems Inc., Böwe Bell + Howell, COPI, EDSF, Gartner Print & Imaging Summit, GMC Software Technology, and Océ. For more information, visit www.OutputLinks.com.
About Exstream Software
Ranked among the world’s fastest growing technology companies, Exstream Software provides enterprise software solutions for businesses around the world to streamline document creation processes and produce more effective, relevant communications of all types for delivery through print/mail and online channels. Customers in many industries benefit by getting communications to market as much as 85 percent faster, reducing document production costs up to 80 percent, and as much as tripling customer response. Visit Exstream at www.exstream.com, or contact us at 859-296-0600 or info@exstream.com for more information.
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Jack Henry Expands Client Relationships with ArgoKeys Branch Sales Automation
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State-of-the-Art Platform Solution Expected to Generate Tangible Benefits for Diverse Banks
Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated computer systems and ATM/debit card/ACH transaction processing, announced that two additional core bank clients will enhance their in-house information processing platforms with components of the ArgoKeys branch sales automation platform. Jack Henry Banking offers ArgoKeys through its strategic alliance with ARGO Data Resource Corporation, and has fully integrated the modular solution with its SilverLake® core information processing platform.
ArgoKeys consists of four modules: DepositKeys is the deposit account opening and administration solution; LendingKeys is the consumer and business lending solution; TellerKeys is the sales, service, and transaction processing solution; and RelationshipKeys is the comprehensive customer relationship management solution. This fully integrated platform is designed to enhance customer acquisition, service, satisfaction, and retention. ArgoKeys also can optimize logical cross-sale opportunities and expand customer relationships, improve operating efficiencies and productivity, and generate competitive distinction and advantages.
Community Bank of Mississippi, a $2.2 billion, seven bank holding company headquartered in Brandon, Mississippi, licensed DepositKeys and LendingKeys. Community Bancshares’ chief information officer, Jonathan White, said, “Attracting and retaining commercial deposits and loans is a strategic component of our business and growth strategy. We are confident that a sophisticated platform automation solution will enhance our ability to serve our customers, improve our operational efficiencies, and streamline our lending process by automatically incorporating risk ratings and empowering our loan officers with automated decisioning. Since ARGO is used by several larger banks in our area, we were familiar with the system and impressed by the functionality it provided. We evaluated platform solutions for about four months and ultimately decided ARGO’s functionality combined with its full integration with SilverLake is the solution for our bank and our customers.”
Lone Star National Bank, a $1.6 billion bank headquartered in Pharr, Texas, will install DepositKeys, LendingKeys, and RelationshipKeys. Roger Leblond, the bank’s executive vice president of technology, reported, “Our bank has established a very aggressive technology culture based on our respect for the role technology plays in a bank’s ability to attract, serve, and retain customers in a very competitive business environment. Based on our goal to continually improve our client experience and our operational efficiencies, we launched an evaluation of platform technology that lasted approximately nine months. This comprehensive evaluation demonstrated that the SilverLake/ARGO solution can increase our operating efficiencies through additional automated functionality and total integration, and improve our enterprise-wide process standardization and workflow. We also expect this advanced platform automation will enable us to more efficiently enforce our lending policies, to ensure a compliant lending process, and to ultimately increase our loan portfolio and the resulting income.”
According to Tony Wormington, president of Jack Henry & Associates, “Our SilverLake System currently provides enterprise-wide automation for approximately 20 percent of the domestic banks with assets ranging from $1 billion to $30 billion. In addition to the highly customizable core functionality that SilverLake provides, we believe our suite of more than 100 integrated complementary products and services, which includes the ARGO solutions, generates important competitive advantages for Jack Henry Banking and ultimately our bank clients. These fully integrated, best-of-suite solutions enable banks to seamlessly support their dynamic business strategies and proactively respond to evolving consumer, market, and competitive demands.”
About Lone Star National Bank
Established in 1983, Lone Star National Bank has provided banking services to communities in South Texas for the past 25 years. Lone Star National Bank celebrated its 25th anniversary on January 23, 2008. An independently owned bank, Lone Star National Bank has assets in excess of $1.6 billion and 18 banking centers located throughout Starr, Hidalgo, and Cameron counties. Lone Star National Bank is valley-based, valley-owned, and growing with the valley. The corporate office is located at 206 W. Ferguson, Pharr, Texas. Visit the bank’s website at www.lonestarnationalbank.com.
About Community Banks of Mississippi
Community Bancshares is a $2.2 billion multi-bank holding company consisting of seven banks in Mississippi, Tennessee, Florida, and Alabama; with 32 locations and more than 600 staff members. Community Bancshares, Inc. is one of the south’s fastest-growing financial institutions and was named one of the “Best Places to Work” for three years in a row by the Mississippi Business Journal.
About Jack Henry Banking
Jack Henry Banking, a division of Jack Henry & Associates, Inc., is a leading provider of integrated computer systems for banks ranging from de novo to mid-tier institutions. Jack Henry Banking currently serves approximately 1,700 banks as a single source for integrated, enterprise-wide automation and as a single point of contact and support. Additional information is available at www.jackhenrybanking.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 8,700 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking supports banks ranging from de novo to mid-tier institutions with information and transaction processing solutions. Symitar™ is the leading provider of information and transaction processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com.
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Old Second National Bank Achieves Major Deposit Growth with Open Solutions’ Imaged Payment Technologies
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Bank reaches 12 percent increase in deposits
Old Second National Bank of Aurora, Ill., an Open Solutions Inc ® client since the late nineties, has reported significant benefits realized from Check 21 legislation through the use of Open Solutions’ Imaged Payment Technologies Group. After deploying Open Solutions’ suite of imaging products, including check imaging, remote deposit capture, remote branch capture, Internet-based access to check images and image statements, automated MICR reject repair, Intranet-based research and CAR/LAR, Old Second National has experienced 12 percent growth in deposits. Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and international markets.
According to Keith Gottschalk, EVP - operations, Old Second National, “We were in need of a solution that would be congruent with our long-term strategic goals. At Old Second National, we saw the opportunities presented by Check 21 legislation, prompting us to immediately explore technologies that would allow us to reap the benefits. As an early adopter of check imaging technology, the bank realized the cost benefits early on. Now, the Federal Reserve has realized those benefits as restructuring efforts continue to reduce the number of processing sites.”
With $3 billion in assets, Old Second National has 36 branches with check imaging capabilities. Implementing the technology in 2005, Old Second National was one of the first institutions to deploy check-imaging and has realized benefits such as a 60 percent reduction in courier costs, faster funds availability and geographic expansion of more than 75 miles. In addition, the bank has an extended deposit deadline of more than four hours, allowing customers to deposit check items until 7 p.m. Old Second National also cited Open Solutions as a great partner in deploying its imaging technologies.
“With the emergence of Check 21 legislation, we were able to transform the way we conduct banking operations,” said John Sarto, AVP of operations for Old Second National. “In the image environment, we have seen a significant reduction in the time spent to process our more than 100,000 items per day. This has allowed us to realize labor cost savings as we maintain the same number of employees, while exponentially increasing both transactions and deposits. In addition, we no longer have to build more branches to serve a broader customer base. With imaging technology, we have expanded our reach by more than 75 miles.”
Old Second National began its check imaging deployment with Open Solutions’ image cash letters. According to Sarto, “We felt it made more sense to first deploy the cash letters and then shift to branch capture. Many institutions begin with branch capture, but we wanted to build a solid platform that we piloted with the Federal Reserve System and corresponding banks.”
After Old Second National tested the technology in response to the growing market demand and the competitive landscape, it soon incorporated merchant capture.
“Since 2004, Check 21 legislation has significantly altered the way institutions conduct operations,” said Louis Hernandez, Jr., chairman and CEO of Open Solutions. “Open Solutions was one of the first providers of a check imaging solution designed specifically for community financial institutions, and our customizable, flexible imaging solutions were designed to allow institutions like Old Second National to better serve their retail and business customers. The Check 21 phenomenon continues to be a viable growth strategy for financial institutions across the United States, and Open Solutions remains committed to providing institutions with the innovative technologies to complement their overall Check 21 strategies.”
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 lines, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com, 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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COSS and RGA Technology Partners, Inc. Announce Strategic Partnership
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COSS, a leading insurance point of sale software provider and RGA Technology Partners, a wholly-owned subsidiary of Reinsurance Group of America, Incorporated (NYSE:RGA) announced that they have formed a strategic business partnership to provide AURA Point of Sale.
AURA Point of Sale contains the AURA Underwriting Rules engine within the COSSEnterprise™ iForms solution. The result provides a straight through e-application process, allowing insurers to apply underwriting business rules and a preliminary underwriting decision at the point of sale, while producing an electronic application ready for electronic signature.
“The producer now can have the best of both worlds — the ability to capture data in electronic form, paired with dynamic underwriting rules and decision making,” said Jym Barnes, President and Chief Executive Officer, RGA Technology Partners, Inc. “We are excited to be working with COSS in bringing AURA Point of Sale to insurers in North America.”
AURA Point of Sale can be implemented alongside an existing new business underwriting process or it can be a part of a complete automated underwriting solution using the entire AURA suite of products.
“COSS is pleased to be working with RGA on this new initiative,” said Jay Stevens, Chief Marketing Officer, COSS Development. “Working with RGA Technology Partners, we recognize that we have one of the top underwriting and reinsurance companies behind this product. Our combined efforts will add tremendous value to the electronic application process, allowing insurers to continue to differentiate through service”
For more information about COSS Development Corporation, contact Jay Stevens at 704.948.4103 or e-mail jays@coss.com. For more information on the AURA Product Suite, contact Steve Bryzeal at 636.736.8010 or e-mail AURAinfo@rgatp.com.
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COSS Development Corporation is an employee-owned technology company serving the financial services industry with point-of-sale solutions. Founded in 1987 with offices in Wisconsin, North Carolina and Georgia, COSS offers a complete suite of solutions, including product illustrations, hypotheticals, historical illustrations, asset allocation, needs analysis, advanced marketing, wealth distribution planning, intelligent forms and interactive agent training. COSS provides Web and desktop solutions in .NET.
RGA Technology Partners, Inc. (RTP) is a wholly-owned subsidiary of Reinsurance Group of America, Incorporated (RGA). RTP’s AURA solution leverages RGA's 30-plus years of underwriting experience with RGA’s underwriting rule sets integrated into the technology of RTP. AURA is designed to improve underwriting time service, manage risk consistently and reduce the costs associated with processing life insurance applications. It can be used in a traditional life insurance setting, in banks and call centers, and can be accessed by underwriters, agents, brokers and customer service representatives. For more information on RGA Technology Partners, Inc, visit www.rgatp.com.
Reinsurance Group of America, Incorporated, through its various operating subsidiaries, is among the largest global providers of life reinsurance. In addition to its U.S. operations, Reinsurance Group of America, Incorporated has subsidiary companies or offices in Australia, Barbados, Canada, China, Hong Kong, India, Ireland, Japan, Mexico, South Africa, South Korea, Spain, Taiwan, and the United Kingdom. Worldwide, the company has approximately $1.7 trillion of life reinsurance in force, and assets of $16.2 billion. MetLife, Inc. is the beneficial owner of approximately 53 percent of RGA's outstanding shares.
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Gulf Coast Community FCU Enhances Core Functionality; Selects Open Solutions’ Enterprise-Wide Data Processing Platform
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Progressive credit union to better serve members needs following devastation of Hurricane Katrina
Gulf Coast Community FCU announced it has selected Open Solutions Inc.’s The Complete Credit Union Solution® -sme (Standard Market Edition) to address its enterprise-wide data processing needs. TCCUS-sme is an open relational core system designed to be a full-featured, easily implemented and competitively priced solution targeted toward the more traditional credit union market. Open Solutions is a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and international markets.
Based in Gulfport, Miss., Gulf Coast Community FCU has approximately $62 million in assets, three branches and serves more than 10,000 members. As the first credit union in the nation to receive a dual-county community charter, Gulf Coast Community FCU has experienced tremendous growth. To better serve its members and the surrounding community, the credit union recognized the need for a more advanced, yet user-friendly core platform. The credit union plans to implement TCCUS-sme in June 2008.
“During the evaluation process, we were impressed with the advanced functionality of Open Solution’s technology,” said Debbie Pidek, EVP of Financial Services for Gulf Coast Community Federal Credit Union. “Specifically, the open architecture and relational database. We have a unique sales culture and are always looking for tools to make our sales team more successful and efficient. Open Solutions was the only platform we felt could truly meet our current needs, enable us to better serve our members and meet our future needs as we continue to grow and expand. Additionally, the ease of navigation and the intuitive design of the solution will enable our employees to pull member information very quickly, increasing our ability to respond to member inquiries.”
Gulf Coast Community FCU is located in an area that was devastated by Hurricane Katrina. As one of the first credit unions in the area to reopen following the storm (just three days later) and one of the first businesses to open a new office in downtown Gulfport, Miss., the credit union is truly focused on serving the community and its growing member-base. With plans for additional branches, the credit union cited TCCUS-sme’s ability to support future growth as one of the primary deciding factors during the selection process.
“Despite the challenges we faced following Hurricane Katrina, we are confident that with the assistance of Open Solutions’ sophisticated technology offerings, and we are well-positioned to continue serving the needs of our community well into the future,” said Pidek. “We were very impressed with the open architecture of the system and are looking forward to the advanced integration and interface capabilities we expect to gain. Additionally, we are excited that with Open Solutions, we can “go green” and be virtually paperless. Our area was basically destroyed by a natural disaster and as a result, we’ve made it a priority to be more environmentally conscious and encourage our members to do the same. We have great respect for the experienced team at Open Solutions and look forward to a long-standing relationship.”
Since its launch in 2006, TCCUS-smecontinues to gain momentum among more traditionalcredit unions seeking a lower cost solution with significant functionality.Built on a powerful, centralized relational database, TCCUS-sme is 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 member view. With TCCUS-sme, credit unions can select either the in-house or outsourced processing option to support its initiatives.
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 TCCUS-sme, Gulf Coast Community Federal Credit Union is also implementing Open Solutions’ integrated solutions including digital document systems, interactive voice response and home banking.
“Gulf Coast Community FCU is a forward-thinking institution that realizes the importance of implementing a modern technology infrastructure to support its overall business goals,” said Louis Hernandez, Jr., chairman and CEO of Open Solutions. “This credit union in particular clearly understands the importance of leveraging technology to better serve its members. As the community and the area continue to overcome the devastation of Hurricane Katrina and rebuild, we look forward to serving as the credit union’s technology and business partner. Credit unions of all sizes can benefit from our relationship-based product line. TCCUS-sme gives credit unions like Gulf Coast Community FCU the opportunity to take advantage of our underlying open architecture model, without the need to implement features and functionality they don’t require. We are delighted to assist Gulf Coast Community FCU with 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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Triodos Bank Selects NetEconomy to Protect Against Financial Crime
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NetEconomy, the global leader in financial crime management and compliance solutions, and a business unit of Fiserv, Inc. (NASDAQ:FISV), announced that Triodos Bank has chosen its Compliance Manager financial crime solution. NetEconomy’s system will help Triodos to improve and automate watchlist checking, Know Your Customer (KYC) procedures, and monitoring of customer behavior and financial transactions to mitigate fraud, money laundering and terrorist financing activity.
Established in 1980, Triodos Bank finances companies, institutions and projects that add cultural value and benefit people and the environment, with the support of depositors and investors who want to encourage corporate social responsibility and a sustainable society. Triodos offers a range of banking services for its customers including savings, investment and asset management, private banking, payment services, lending and insurance. NetEconomy’s Compliance Manager solution will monitor Triodos customers across these product lines within a hub environment covering Germany, Spain, the United Kingdom, Belgium and the Netherlands to identify and report suspicious activity.
“After a thorough evaluation, we felt that NetEconomy was the best fit for Triodos Bank. We selected NetEconomy for the flexibility and robustness of its solution, and also the responsiveness and vast compliance and financial crime experience of its staff,” said Albert Hollander, Group Legal & Compliance Officer of Triodos. “We are confident that together with NetEconomy’s skilled team and configurable future-proof solutions we can prepare for any new regulatory changes or requirements while at the same time continue to safeguard our customers and our organization.”
“We are extremely pleased to be selected by a bank whose mission is to enable individuals, institutions and businesses to use money more consciously in ways that benefit people and the environment,” said Peter Kwakernaak, chief commercial officer of NetEconomy. “Delivering our industry-proven solution to a financial institution like Triodos, is an honor and privilege for NetEconomy. We look forward to our work together to implement a premier solution to minimize regulatory risk and fight the threat of financial crime across their complex environment.”
About Tridos
Triodos Bank, with offices in the Netherlands, Belgium, the United Kingdom and Spain, and an agency in Germany, has always been, and remains, about transparency and the realization of social, environmental and cultural objectives in day-to-day banking. This integrated approach has been fundamental to the Bank since it was established in 1980. Triodos Bank has been a pioneer and still is a leading innovator in sustainable banking. Triodos Bank only finances enterprises which add social, environmental and cultural value - in fields such as renewable energy, social housing, complementary health care, fair trade, organic food and farming and social business. Triodos also finances fair trade and microcredit organizations in developing countries. They do this with the support of depositors and investors who wish to contribute to social justice within the context of a more sustainable economy. For more information please visit www.triodos.com.
About NetEconomy
NetEconomy, based in The Hague, with offices in London, Paris, Boston, New York, Sydney, Shanghai and Kuala Lumpur, Malaysia, and distributors and strategic partners across South Africa, Australia, Europe, Southeast Asia and the United States, is the leading provider of financial crime management and compliance solutions. With more than 150 implementations across 60 countries, NetEconomy brings business value to its worldwide client base through its personalized customer approach for minimizing regulatory risk, delivering measurable results and protecting corporate brand and reputation. For more information, please visit www.neteconomy.com. For more information on NetPractice, visit www.netpractice.org.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company 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. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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Penn Mutual Selects Insurance Technologies to Help Drive Variable Annuities’ Sales
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Insurance Technologies LLC, the premier provider of illustration and point-of-sale software for the financial services and brokerage industries, announces that Penn Mutual has selected ForeSight™ to support their sales force and drive new variable annuity business. This robust system will provide web-based illustrations for annuities with living benefit riders.
"We’re impressed that ForeSight™ utilizes a single code base for web and desktop systems. This enables auto updating and auto synchronization—and with this unique feature, ForeSight’s™ technology can be customized to help meet our goals," says Dave O’Malley, SVP – Product Management at Penn Mutual. "Specifically, Insurance Technologies will assist us in getting products to market quicker, lower distribution costs, and expand relationships with our producers, an important part of our Producer Value Commitment. Most importantly, ForeSight™ will help our producers present often complex financial solutions to their clients in an easy to use format."
ForeSight’s™ integrated platform and state of the art web- and desktop-enabled illustration system will enable Penn Mutual’s producers, customer service representatives, and other associates to create and distribute compelling illustrations fast. ForeSight’s™ advanced technology will be harnessed to present complex products in a most compelling and compliant way at the pivotal point of sale.
"With ForeSight™, the output that Penn Mutual’s registered representatives provide clients will be meaningful and better understood by them," says Paul Skordilis, EVP, Worldwide Sales and Marketing at Insurance Technologies. "Used in a needs-based selling approach, ForeSight will allow producers to close more sales. We are thrilled that ForeSight™ will play a vital role in contributing to Penn Mutual’s commitment to their producers."
Based in Colorado Springs, Colorado, Insurance Technologies, LLC offers point-of-sale illustration software to the insurance and financial services industries. Insurance Technologies’ award-winning product, ForeSight™, supports all product types, including Life, Health, Annuities, Mutual funds, Critical Illness, DI, and LTC – all on a single mobile platform.
About The Penn Mutual Life Insurance Company (www.pennmutual.com)
The Penn Mutual Life Insurance Company is the nation’s second oldest mutual life insurer. Founded in 1847, the company provides life insurance and annuities through a national network of financial professionals who help clients meet their financial needs with confidence. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary.
About Insurance Technologies (www.insurancetechnologies.com)
The Penn Mutual Life Insurance Company is the nation’s second oldest mutual life insurer. Founded in 1847, the company provides life insurance and annuities through a national network of financial professionals who help clients meet their financial needs with confidence. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary.
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Tuscarora Wayne Group of Companies Signs with SeaPass Solutions for Real-Time Quoting in Personal and Commercial Lines
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The Tuscarora Wayne Group of Companies (TW) of Pennsylvania has signed with SeaPass Solutions to enable one-touch, bindable quoting and submission in real-time.
SeaPass Solutions provides a customized web portal and system integration solution, including the capability for producers to upload information directly from their management systems. The new technology streamlines internal processes and provides greater ease of doing business.
Eric Gewirtzman, CEO of SeaPass, said, “Our collaboration with TW illustrates the added-value that entrepreneurial insurers see in our technology to secure real-time quoting, proposals and issuance for their producers. The technology being implemented at TW and their agencies will increase revenues and more importantly will enhance service to both their personal and commercial lines customers, as it has at many other clients of ours. We applaud TW for their commitment to their producers by constantly trying to make it easier for them to do business and by providing excellent service to their customers.”
“Our producers were instrumental in the decision to partner with SeaPass Solutions,” comments Jay W. Chadwick, president and chief executive officer of the Tuscarora Wayne Group of Companies. “In 2005, the Company launched Genius, a research project designed to identify and deploy an information technology strategy that effectively meets the needs of business partners and produces positive, measurable results. During the data collect phase of the project, we solicited advice from producers to determine the technology solutions needed to promote the ease of doing business and superior service. The project concluded in 2007 with a commitment to implement real-time, web portal technology.”
About Tuscarora Wayne Group of Companies
Tuscarora-Wayne Mutual Insurance Company, Tuscarora Wayne Group, Inc., and its subsidiaries, Tuscarora Wayne Insurance Company, Tuscarora Wayne Partners, Inc., Keystone National Insurance Company, and Washington Mutual Fire and Storm Insurance Company, comprise the Tuscarora Wayne Group of Companies. The parent Company, Tuscarora-Wayne Mutual, incorporated in 1874, is rated A+ (Superior), Class VI, by A.M. Best Company, the leading provider of ratings, news, and financial data for the insurance industry worldwide. Please visit us at our website: www.twmic.com.
On SeaPass Solutions Inc.
SeaPass Solutions, founded in 2000, is headquartered in New York City. The company develops and markets solutions that enable insurance carriers, agents, brokers and wholesalers to transmit and receive data in real time.
The SeaPass Hub Solution leverages existing systems to automatically interact with one another, leading to reduced costs, better new business and successful transactions. Since 2001, SeaPass has been implementing IT solutions at national insurance carriers, regional carriers, banks, large agencies and brokers.
SeaPass is a privately-held company. Its shareholders include Hyperion, a world-renowned merchant banking fund specializing in investments in financial services-related companies and pioneering technologies, the Inter Atlantic Group and Dolphin Equity Partners, both NY based investment firms Platinum Neurone Ventures, a fund backed by global investors such as Bank of America.
For more information on SeaPass, Agents can contact SeaPass Solutions Inc. or visit the company at www.seapass.com/intro. Customers interested in purchasing insurance coverage from Tuscarora Wayne should contact their local independent insurance agent or find one at www.twmic.com.
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