Source: Fiserv Inc
SIBOS booth C219 - Fiserv Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced Lombard Odier Darier Hentsch (LODH), one of the largest and oldest independent private banking firms in Europe, has selected CheckFree's reconciliation and exception management solution, following a comprehensive review of seven competing bank reconciliation solutions.
Replacing a third party vendor, CheckFree's solution will be implemented in Geneva and rolled out to several offices worldwide. Functioning as an operational risk matrix, the solution will provide LODH with visibility across its high-risk exception items, enabling it to identify how long positions have been outstanding and provide the ability to automatically escalate potential risks for resolution based on LODH specified criteria.
"Retiring our existing reconciliation system provided us with the ideal opportunity to establish a more strategic approach to the automation of our cash and securities reconciliations. Of the seven competitors, CheckFree was the only company that approached the challenge as a consultative partnership, demonstrating how they could use their extensive experience to reengineer our business processes rather than just proposing a simple technology solution," said Catherine Rossy, head of reconciliations, LODH. "This fresh perspective and proven implementation experience, all ably supported by financial services expertise, combined to deliver an impressive solution."
"LODH has selected the complete CheckFree solution suite including reconciliation, exception management, workflow and business intelligence. As part of the implementation, CheckFree will deliver a comprehensive operational risk matrix to allow LODH to manage the potential risk associated with its cash and securities reconciliations," said John Pfuhler, Director of Product Management, Operational Risk Management, CheckFree, now part of Fiserv.
LODH completed its Geneva roll out of CheckFree's Reconciliation & Exception Management solution at the end of April 2008.