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Articles from
March 2008
Fiserv Introduces Next Evolution of Solutions to Optimize Customers’ Electronic Billing and Payment Experiences
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CheckFree Biller Direct HV™ helps organizations enhance online bill pay interactions to maximize business profitability
Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, announced the launch of CheckFree Biller Direct HV™, a hosted solution that enables billing organizations to optimize the customer electronic billing and payment experience.
CheckFree Biller Direct HV™ enables companies to fully integrate electronic billing and payment services with their current websites. This solution is unique because it allows them to retain complete control of bill payment presentation and branding, while CheckFree manages complex bill delivery and payment processes. By providing a consistent and branded online bill payment experience, billers can improve customer satisfaction and reduce costs through increased utilization of the service and higher paperless adoption rates.
“For billing organizations, it’s becoming increasingly important to provide customers with an optimized online bill payment experience,” said Jardon Bouska, executive vice president and general manager of CheckFree Electronic Biller Services, now part of Fiserv. “CheckFree Biller Direct HV provides access to essential content such as payment options, email reminders and paperless billing enrollment from the convenience of a centralized console. As a result, billing organizations are able to give their customers constant visibility and complete control over their electronic billing and payment experience.”
CheckFree Biller Direct HV is the newest member of a family of electronic billing and payment solutions that allow consumers to receive and pay bills online. This next generation solution is built upon a proven platform that already delivers electronic bills online for more than 400 companies in 29 countries, representing thousands of consumer brands and most of the bills common to a U.S. household.
Developed based on extensive customer feedback and consumer research, CheckFree Biller Direct HV organizes electronic billing and payment features into a branded, centralized console that makes it easier and more convenient for consumers to view and pay their bills online, including more prominent options for paperless billing, while helping companies drive increased adoption of the service.
Consumers can choose from a variety of payment methods, including one-time, automated and scheduled payments, and can view and pay an electronic version of their bill, known as an e-bill, directly at the company’s website. E-bills are electronic representations of paper bills that are securely delivered directly to a business or financial institution website. With e-bills, consumers can review balances, transactions and all other details available in paper bills, and schedule payments with just a few clicks of the mouse. Consumers can sign up for ebills at the billing organization’s website or through online banking accounts, and receive e-mail alerts to let them know when an electronic bill is available for viewing.
CheckFree and Fiserv are committed to educating consumers and businesses through the PayItGreen™ campaign about the environmental benefits of choosing electronic billing, statements, and payments instead of paper. Learn more at www.payitgreen.org.
About Fiserv, Inc.
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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Hermitage Insurance Company Implements ISO Rating Service
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ISO Insurance Technology Solutions (ISO-ITS) announced that Hermitage Insurance Company has implemented ISO Rating Service® within its policy-administration system.
ISO Rating Service is a comprehensive, automated rate-management system containing a combination of advanced technology and product-management tools. The system provides insurers with advisory information loaded into a powerful rating engine combined with rate-management decision tools and continual ISO updates.
With its initial implementation of ISO Rating Service, Hermitage now writes a habitational product offering in the state of New York. “By using ISO Rating Service, which supports online, real-time distribution of its products and services, we can react faster to new market opportunities,” said Philip Lambert, chief operating officer, Hermitage Insurance.
According to Lambert, Hermitage Insurance is planning to expand this capability across its entire commercial lines business. “With ISO Rating Service, we can accelerate the deployment of additional lines and new product offerings,” said Lambert. “ISO Rating Service provides us with an efficient process for adopting, managing, and implementing ISO insurance program revisions.”
“In collaboration with ISO-ITS, Hermitage Insurance is implementing a self-sustaining rating system capable of maintaining and delivering customer-specific enhancements to their products,” said John Joly, chief operating officer, ISO Insurance Technology Solutions. “ISO Rating Service enables Hermitage to implement an advanced rating solution without the significant financial investment of a full policy-administration system.”
“Working alongside ISO-ITS, we have created a sustainable program that will introduce ISO Rating Service across our remaining commercial lines,” added Andy Roos, chief information officer, Hermitage Insurance. “The software development best practices, combined with a sound mentoring program, provide Hermitage Insurance with a solid foundation for success.”
About Hermitage Insurance Company
Hermitage Insurance Company, founded in 1984 and based in White Plains, New York, writes small to mid-sized accounts consisting of light- to medium-hazard property/casualty risks in 35 states. Its clients are regional wholesalers and general agents. Hermitage Insurance Company is domiciled in the state of New York and is a wholly owned subsidiary of Brookfield Asset Management Company (NYSE:BAM).
About ISO Insurance Technology Solutions
ISO Insurance Technology Solutions (ISO-ITS) delivers ISO Rating Service and the browser-based quoting/underwriting and policy-administration platform of AscendantOne®. The scalable tool-based components of ISO-ITS let insurers cost-effectively and rapidly deploy property/casualty programs, automatically manage rates, conduct rules-based underwriting, perform online quoting, and administer full policy life cycles.
About ISO
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. For more information, visit www.iso.com.Read Full Article
JACK HENRY & ASSOCIATES ANNOUNCES 54th MOBILE BANKING CUSTOMER
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goDough Mobile Banking Solution Experiencing Rapid Adoption Among Community and Mid-Tier Bank Clients
Jack Henry & Associates, Inc.®, (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, announced goDough, its state-of-the-art mobile banking solution, has been adopted by 54 of its core banking clients. goDough is the browser-based solution developed internally by Jack Henry & Associates and introduced in November 2007. goDough has been installed by 19 of these 54 banks and is now supporting subscribers of nine nationwide mobile service carriers.
goDough, which is compatible with any mobile device and carrier, enables bank customers to conduct traditional in-branch and online transactions such as balance inquiries, funds transfers between accounts, and transaction viewing; and supports all account types, including checking, certificates-of-deposit, money markets, loans and lines-of-credit. This proprietary solution also enables users to receive designated alerts and make mobile payments to entities other than the offering financial institution.
First National Bank of Edinburg, Texas, is among the first 54 banks to implement goDough. According to Eddie Leal, the bank’s comptroller, “Mobile banking is a natural extension of our Internet and retail strategies, and another way for us to enhance customer convenience, self-sufficiency, and service. Mobile banking also provides a new banking channel that is especially attractive to our younger and technology-focused customers. The product was easy to install and the feedback from our customers has been very positive. We are excited about the opportunity to expand and strengthen our customer relationships and to compete more aggressively by offering this convenience-driven service.”
Stan Viner, general manager of sales for Jack Henry Banking™, said, “Our first 54 goDough clients have cited distinct reasons for offering mobile banking. Some of these banks view mobile banking as a proactive strategy that enables them to meet growing customer demand, to attract new customers and deposits, and to strengthen their competitive positioning, while others consider mobile banking to be a defensive strategy that responds to competitive offerings. goDough’s early adoption rates among our bank clients has been very rewarding, and we are confident the ability to optimize customer convenience with this contemporary banking channel will continue to generate strong interest among our core bank clients.”
goDough is fully integrated with Jack Henry Banking’s three functionally distinct core processing systems – SilverLake®, CIF 20/20® and Core Director® – and is currently being beta tested with select credit unions automated by the Episys® core processing system provided by Jack Henry & Associates’ Symitar™ division.
About Jack Henry Banking
Jack Henry Banking, a division of Jack Henry & Associates, Inc. (Nasdaq: JKHY), 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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Skywire Software salutes FBL Financial, Insurance House and Assumption Life
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Three Skywire Software customers named “Model Carriers” by independent analyst firm
Skywire Software, a leading global provider of software and services to the insurance industry, is proud to congratulate three customers who have been named “2008 Model Carriers” by independent analyst firm Celent.
FBL Financial Group, Inc., Insurance House and Assumption Life have been recognized for best practices in the use of technology to support the product and policyholder life cycle. All three companies use Skywire Software products in their award-winning implementations.
“Celent’s Model Carrier research is designed to answer the question, ‘What would it look like for an insurance carrier to do everything right with today's technology?’” said Chad Hersh, Celent senior analyst and co-author of the report. “The carriers recognized in our research are using technology to make their businesses more flexible, more responsive to customer needs, and better positioned for growth.”
Celent recognized FBL Financial Group, a holding company, in the category of document automation for its policy document management initiative. Using Skywire Software’s Documaker customer communications management (CCM) suite, FBL, through its insurance companies, was able to improve its time to market by 25 percent, cut the load time for new policy documents from months to days, and reduce document creation staff by one-quarter. Celent recently cited Documaker as having the largest install base of any product examined in its study, Document Automation Solution Vendors for Insurers 2007. Skywire Software ranked as a leader across all four categories studied: advanced technology and flexibility, breadth of functionality, customer base and depth of client services.
“We are very pleased to be recognized for the work that we have done with Skywire Software,” said Marlene Alberigo, senior application consultant at FBL. “The Documaker suite provides us with a single solution for creating, distributing and publishing policies, statements, bills, and correspondence. Documaker’s flexible, rules-driven environment and modern architecture have helped us measurably improve our business and win recognition from Celent.”
Celent recognized Insurance House in the category of infrastructure and architecture, for its enterprise data model and warehouse project. The insurer is using Skywire Software’s INSsight data warehouse to provide analysis tools around policy and claims. Internal reports and product design analytics are now produced in near-real time, and the reduced integration costs have allowed the insurer to reduce IT head count by half.
In the policy administration category, Celent honored Assumption Life for its straight-through processing initiative. The carrier’s e-application system has tripled the number of policy applications processed, reduced policy issuance time to an average of 24-48 hours, and increased the frequency of agent commission payments from twice a month to twice a week. Assumption Life is using CCM software from Skywire Software to produce agent commission reports and nearly all customer-facing documents.
“Having three of our customers recognized as model carriers is a validation that our software provides enterprise-wide flexibility across multiple lines of business, helping insurers manage the complete policy life cycle,” said Wendy Gibson, chief marketing officer at Skywire Software. “We are very pleased to congratulate all our model carriers, and proud to have helped them improve their operations.”
Skywire Software is a leading provider of software and services to the insurance industry, serving more than 1,450 insurance companies. In addition to CCM software and INSsight, the company provides other best-in-breed software components, including the Insbridge rating, rules and underwriting system, and Tracker, which automates the entire state filing process. These components extend core administration systems and assist insurers in managing the life cycle of a policy. Customers also leverage the deep insurance domain knowledge and expertise of Skywire Software’s professional services team.
About Skywire Software Skywire Software is a leading global software company serving the insurance, financial services, legal and professional services industries. The company develops industry-specific software products that help companies integrate processes, people and information. With products and services that span a range of key functions, including rating, rules, underwriting, business intelligence, data movement, and enterprise-wide document automation and compliance, Skywire Software is dedicated to providing an unparalleled customer experience to more than 2,400 customers in 45 countries worldwide, including 1,450 insurance customers. For more information, contact Skywire Software at 1-800-735-6620 or visit www.skywiresoftware.com.
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Innovation Never Stops as Open Solutions Launches DNA Platform
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Latest Evolution of Relational Core Data Processing Suite Offers More Powerful Workflow, Features and Navigation
Open Solutions Inc.®, a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and other international markets, announced the launch of its latest core processing solution. The release – brand named DNA – is the culmination of nearly two years of planning, working closely with clients and development. It furthers Open Solutions’ vision of innovation and providing industry-focused technologies designed to enable clients to better compete and serve the marketplace.
Enhanced by Open Solutions’ advanced open platform and using .NET technology, the new core release (The Complete Banking Solution®: DNA/The Complete Credit Union Solution®: DNA) capitalizes on the strength of Open Solutions’ unique universal data model and design and its client-centric processes, while greatly enhancing workflow, flexibility, navigation and productivity. The underlying functionality of the system, however, remains unchanged providing clients with an updated user interface that improves workflow, provides easier access to information and further enhances processing capabilities. Already the technology leader in the relational core processing marketplace, DNA illustrates Open Solutions’ continued commitment to innovation and solution investment.
“With more than 30 financial institutions operating with the system, DNA brings extensive benefits to Open Solutions’ industry-leading relational core processing platform,” said Mike Nicastro, SVP and CMO, Open Solutions.
The user interface of DNA was designed in conjunction with Open Solutions’ clients from the banking and credit union industries. According to Michael Rawlins, director, Human Factors Engineering, Open Solutions, “Focus groups were held with clients as well as non-clients, and the product was independently tested with banking and credit union groups. Heavily utilizing human factors research and usability testing, Open Solutions has created a streamlined, yet feature-rich, user experience that vastly improves navigation and productivity.”
Open Solutions’ bank and credit union clients who have already successfully implemented the DNA release include: 1st Financial Credit Union in St. Charles, Mo., ($166 million); Guaranty Bank & Trust Company in Cedar Rapids, Iowa, ($236 million); Somerset Trust Co. in Somerset, Penn., ($446 million); Spirit of Alaska Federal Credit Union in Fairbanks, Alaska, ($87 million); USA Credit Union in Auburn Hills, Mich., ($573 million); Vermont State Employees CU in Montpelier, V.T., ($367 million); Piedmont Federal Savings Bank in Winston-Salem, N.C., ($845 million); and Coventry Bank, Coventry, R.I., ($203 million).
An important benefit of leveraging a .NET framework is the supporting architecture for Open Solutions to develop a Shared Application Framework (SAF). Open Solutions’ SAF will benefit Open Solutions’ premier products by providing one source code for common functions such as security, printing controls and single-sign on capability. In addition, the benefits of .NET further allow Open Solutions to take advantage of industry standard capabilities and leverage future advances in this state-of-the-art technology platform.
“Top-to-bottom, the new DNA release provides exciting capabilities that will immediately bring improved business results for Open Solutions clients. Client-centric, relationship-driven organizations can now achieve a new plateau in acquiring, servicing and expanding relationships with their customer/member base,” added Nicastro.
“Because our location in Alaska is such a remote community, it was very important for us, as a credit union, to offer a feature-rich online banking system,” explained Mike Lombardino, president & CEO of Spirit of Alaska Federal Credit Union. “We needed up-to-date technology with e-teller and an open architecture data processor to carry us into the future. Our credit union has a great reputation for service, and we are now expanding to include business services.”
Todd Kerska, senior vice president of Guaranty Bank & Trust Company in Cedar Rapids, Iowa, said, “Partnering with Open Solutions provides access to open, fully relational, state-of-the-art technology in a .NET format that accommodates any size requirement and represents a solid and constantly improving technology path tailor-made to fit our customers’ financial and service needs.”
According to Nicastro, “The DNA release of The Complete Banking Solution/The Complete Credit Union Solution contains many features Open Solutions’ clients wanted, including redesigned screens, improved navigation and workflow. DNA was architected using the latest version of Microsoft’s .NET platform. This technology allowed us to separate the application into multiple tiers to significantly improve performance and reduce deployment time. The inherent value in our open architecture enabled us to do this and further illustrates the inefficiencies of older, legacy technology. Those vendors would have a daunting task ahead of them to accomplish the same outcome.”
“Our original vision of an open, relational database model has held true through the years,” said Louis Hernandez, Jr., chairman and CEO of Open Solutions. “In this latest release, we have continued our tradition of revolutionizing the financial services industry through innovation and technology designed to give our clients a competitive edge. From our beginnings and with our open relational system architecture, we were able to lay a solid foundation for future enhancements. With .NET technology becoming so accepted, we were further able to take advantage of our foundation to incorporate the strengths of that technology to enhance our core product offering. This is not merely a make-over; we leveraged our data model to improve an already robust solution to deliver an even more effective client-focused core platform for our clients and the industry. It’s a collaborative win-win for everyone.”
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’ latest release 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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