Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial and insurance industries, today announced the release of its CheckFree PaymentView™ solution, a comprehensive, web-based payments monitoring system with a dashboard view across existing check, cash, wire, Automated Clearing House (ACH), credit and debit card activities. PaymentView gives banks of any size and their corporate treasury clients real-time risk management capabilities along with multiple operational cost-savings and fee income opportunities.
“PaymentView is an exciting solution using interactive Web 2.0 technology and is designed to offer our bank clients and their corporate customers an intuitive, personalized offering for operational and payment risk monitoring across all payment types,” said Sam Robb, vice president, global payment solutions, CheckFree, now part of Fiserv. “The business case for PaymentView is being justified by our customers who are reporting new corporate revenue opportunities through increased retention and share-of-wallet with their target customers. They are also reporting significant projected reductions in customer service and exception processing costs.”
The PaymentView solution leverages existing bank technology investments and features a series of key modules, including:
• Centralized end-to-end check monitoring, including source capture monitoring
• Real-time business process monitoring for more comprehensive compliance and risk management
• Real-time alerts about operational events that have the potential to result in losses
• Robust reporting and analytics functionality providing banks new treasury services revenue opportunities through corporate payments trending, historical performance and forecasting
According to a survey of U.S.-based corporate treasurers, conducted by The Marketing Workshop, Inc. in September 2007, 44 percent of respondents said gathering and compiling information across multiple payment systems was difficult within their organizations. The research also revealed that business customers have a lack of visibility into payment status to determine cash position and would value more data for liquidity, cost and risk management analysis. Additionally, respondents agreed that there is limited tracking of internal/external compliance activity and few proactive alerts in place to warn about issues that have the potential to result in losses. The CheckFree PaymentView™ solution is meant to address these issues.
“Many banks are working toward achieving a consolidated view across their payments operations and technology silos to improve efficiencies both internally and for their corporate clients,” said Susan Feinberg, research director for Wholesale Banking at TowerGroup. “Large and small banks alike are exploring an enterprise payments strategy and applying a more holistic approach to their payment architecture. By doing so, they can offer greater visibility of business processes to their corporate customers while improving their ability to manage risk across payment channels and payment methods.”
By design, the CheckFree PaymentView solution accesses and integrates information from various payment systems and delivers relevant information to the desktops of authorized employees throughout the organization. This solution includes dashboards, standard and user-defined summary information reports, detailed data about processing and tracking payment status, risk exposure, out-of-compliance situations and key performance indicators. It also delivers subscription-based, real-time alerts to operators and managers concerning operational events requiring attention such as process bottlenecks.
Showing posts with label Fiserv. Show all posts
Showing posts with label Fiserv. Show all posts
Friday, 16 May 2008
Friday, 4 April 2008
Foreign Exchange Terms
Arbitrage
Simultaneous sale and purchase of identical or equivalent financial instruments or commodity futures to benefit from a discrepancy in their prices.
Bank Of England
UK Central Bank
Bank Of Japan
Japan's Central Bank
Contract
1) Unit of trading for a financial or commodity future.
2) Bilateral agreement between buyer and seller (parties) of a futures or options on futures transaction. Defined by the exchange.
ECB
European Central Bank
Fiserv
provider of technology solutions for the financial and insurance industries.
FXall
Foreign exchange platform
Samurai Bond
A yen bond from a foreign company issued in Japan
Fiserv to Supply Utica National Insurance
Fiserv, Inc. (NASDAQ: FISV), a leading provider of technology solutions for the financial and insurance industries, announced today that Utica National Insurance of New Hartford, N.Y., a Fiserv client for nearly 20 years, is upgrading to the new Fiserv Claims Workstation. Utica National, in operation for almost 100 years, writes personal and commercial lines of business that are serviced through a countrywide network of in-house and independent adjusters.
“We wanted easier access for remote users, a simpler claims intake process and more efficient interaction with third party data. In addition, we can consolidate all of our claims management onto Claims Workstation, and the web-based platform opens the door for future claims initiatives as well,” said John Nobles, vice president-director of Claim Operations for Utica National Insurance. “This decision supports our focus on meeting the needs of and providing outstanding service to our policyholders and agent/customers.”
“Utica National Insurance is a long-time Fiserv customer that will capitalize on the full claims life-cycle function and the support for all lines of P&C business within Claims Workstation,” said Gary Sherne, president of Property & Casualty Systems Solutions for Fiserv Insurance. “Claims Workstation is an important strategic platform for our customers and for Fiserv. Together we are focused on bringing true innovation to the claims management process.”
Claims Workstation extends property and casualty insurers’ capability to improve customer service, increase operational efficiency, and contain management expense. Claims Workstation offers the benefits of an open architecture and platform independence while using the J2EE (Java 2 Enterprise Edition) platform, which enables users to make business process and logic changes in a centralized environment.
“We wanted easier access for remote users, a simpler claims intake process and more efficient interaction with third party data. In addition, we can consolidate all of our claims management onto Claims Workstation, and the web-based platform opens the door for future claims initiatives as well,” said John Nobles, vice president-director of Claim Operations for Utica National Insurance. “This decision supports our focus on meeting the needs of and providing outstanding service to our policyholders and agent/customers.”
“Utica National Insurance is a long-time Fiserv customer that will capitalize on the full claims life-cycle function and the support for all lines of P&C business within Claims Workstation,” said Gary Sherne, president of Property & Casualty Systems Solutions for Fiserv Insurance. “Claims Workstation is an important strategic platform for our customers and for Fiserv. Together we are focused on bringing true innovation to the claims management process.”
Claims Workstation extends property and casualty insurers’ capability to improve customer service, increase operational efficiency, and contain management expense. Claims Workstation offers the benefits of an open architecture and platform independence while using the J2EE (Java 2 Enterprise Edition) platform, which enables users to make business process and logic changes in a centralized environment.
Monday, 31 March 2008
CheckFree Account Certification
CheckFree, now part of Fiserv Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today launched CheckFree Account CertificationTM, an automated financial reporting control framework that assists organizations with implementation of a sound financial governance strategy and helps ensure compliance across multiple regulatory mandates.
Using configurable business rules that enforce financial period close policies and audit requirements, CheckFree Account CertificationTM helps enable organizations to automate the scheduling, preparation, review, approval, analysis and auditing of reconciliation information – information that is critical to the integrity of financial close and period-end reporting.
“Organizations increasingly have a lot at stake when it comes to regulatory compliance,” said Mark Cappell, senior vice president and general manager, Operational Risk Management, CheckFree, now part of Fiserv. “The cost of non-disclosure is high, and can lead to reduced shareholder value, loss of reputation, high audit fees and potential fines. In a recent review of material weaknesses disclosed under Sarbanes-Oxley requirements, 20 percent of weaknesses were related to failures in account reconciliations, review procedures or compliance with control policies. CheckFree’s holistic approach to control and compliance enables organizations to standardize business processes and embed risk management into their daily controls.”
Designed to seamlessly integrate with existing CheckFree Reconciliation and Exception Management solutions or function as a stand-alone solution, CheckFree Account CertificationTM helps enable organizations to:
• Assign ownership of reconciliation and certification activities
• Enforce reconciliation and financial reporting frequency policies
• Tightly control reporting review and escalation procedures
• Maintain proper segregation of duties
• Mitigate operational risk by focusing staff on higher risk accounts
• Promote and facilitate a ‘prove it’ approach to ensure confidence and streamline audits
• Reduce the cost of compliance and audit functions
“With the level of manual processes and spreadsheet utilization in practice today, many businesses are experiencing non-adherence to standard procedures, which can lead to internal fraud, irregular application of accounting principles, untimely reconciliation of financial data and unreliable financial reporting among other impacts,” said Andy Mellor, product manager, Operational Risk Management, CheckFree, now part of Fiserv. “It is increasingly clear that enterprise control and compliance applications, such as CheckFree Account Certification, play a key role in demonstrating effective governance of critical financial activities, and improving the timeliness and quality of financial processes and reporting – all of which underpin cross-compliance with multiple regulatory mandates and initiatives.”
Using configurable business rules that enforce financial period close policies and audit requirements, CheckFree Account CertificationTM helps enable organizations to automate the scheduling, preparation, review, approval, analysis and auditing of reconciliation information – information that is critical to the integrity of financial close and period-end reporting.
“Organizations increasingly have a lot at stake when it comes to regulatory compliance,” said Mark Cappell, senior vice president and general manager, Operational Risk Management, CheckFree, now part of Fiserv. “The cost of non-disclosure is high, and can lead to reduced shareholder value, loss of reputation, high audit fees and potential fines. In a recent review of material weaknesses disclosed under Sarbanes-Oxley requirements, 20 percent of weaknesses were related to failures in account reconciliations, review procedures or compliance with control policies. CheckFree’s holistic approach to control and compliance enables organizations to standardize business processes and embed risk management into their daily controls.”
Designed to seamlessly integrate with existing CheckFree Reconciliation and Exception Management solutions or function as a stand-alone solution, CheckFree Account CertificationTM helps enable organizations to:
• Assign ownership of reconciliation and certification activities
• Enforce reconciliation and financial reporting frequency policies
• Tightly control reporting review and escalation procedures
• Maintain proper segregation of duties
• Mitigate operational risk by focusing staff on higher risk accounts
• Promote and facilitate a ‘prove it’ approach to ensure confidence and streamline audits
• Reduce the cost of compliance and audit functions
“With the level of manual processes and spreadsheet utilization in practice today, many businesses are experiencing non-adherence to standard procedures, which can lead to internal fraud, irregular application of accounting principles, untimely reconciliation of financial data and unreliable financial reporting among other impacts,” said Andy Mellor, product manager, Operational Risk Management, CheckFree, now part of Fiserv. “It is increasingly clear that enterprise control and compliance applications, such as CheckFree Account Certification, play a key role in demonstrating effective governance of critical financial activities, and improving the timeliness and quality of financial processes and reporting – all of which underpin cross-compliance with multiple regulatory mandates and initiatives.”
Subscribe to:
Posts (Atom)