Risk Management Solution Helps Mitigate Inherent Risks Associated with Financial and Operational Data
Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, announced that the Enterprise Exception Management Suite (eEMS) provided by its ProfitStars division has been selected by Charles Schwab & Co., Inc. (Nasdaq: SCHW) to automate its reconciliation processes. Charles Schwab is one of the nation’s largest providers of financial services and offers a complete range of investment services and products.
eEMS is an enterprise risk management solution that is driven by a real-time rules engine that helps diverse financial services organizations proactively identify and mitigate the risks associated with financial and operational data. eEMS compiles data from disparate sources, automatically matches data elements, identifies exceptions, and loads each exception into a queue for resolution in a fully automated, secure environment. This innovative solution enables more effective and efficient data management through reconciliation, exception processing and business intelligence.
According to Jennifer O’Reilly, vice president, Operations Control for Charles Schwab “We believe an enterprise-wide exception management solution will better protect our clients, their assets, and our firm. After a lengthy due diligence process, the ProfitStars team clearly demonstrated that eEMS could replace disparate applications we developed internally over the years, automate manual processes, and be tailored to support our specific needs. We anticipate that automating our reconciliation processes with eEMS will ensure the integrity of our data, generate operational efficiencies, and seamlessly support our unique, evolving, and increasingly complex reconciliation requirements. We have developed a valuable partnership with ProfitStars and are excited about the positive impact that eEMS will have on our near- and long-term operations.”
David Foss, general manager of ProfitStars, said, “We consider the evaluation and selection of our enterprise exception management solution by a progressive, highly respected firm like Charles Schwab to be a solid endorsement of our system’s functionality and the tangible value it provides. We are excited about the addition of firms like Charles Schwab to our client roster, and believe we have significant opportunities to expand our market presence as increasing numbers of financial services organizations elect to implement automated solutions for mitigating and controlling the risks associated with their financial and operational data.”
About ProfitStars
ProfitStars, a division of Jack Henry & Associates, Inc., provides best-of-breed solutions that improve the performance of financial institutions of all asset sizes and charters, and diverse corporate entities. These solutions facilitate revenue and growth, risk mitigation and control, and cost control; and complement virtually any core information processing platform. Additional information is available at www.profitstars.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.