Chesapeake upgrades software for analysing commercial bank fee data

Source: Chesapeake System Solutions

Chesapeake System Solutions, a provider of integrated financial governance, risk management and compliance software solutions to the world's foremost enterprises, formally announced today the release of version 5.5 of its SmartAnalysis application, a sophisticated software for analyzing commercial bank fee data.

The update enhances the overall account analysis capabilities of the software including

* TWIST file compatibility (the international equivalent of AFP/ANSI 822), allowing electronic import of international bank service billing (BSB) files
* "What-If" module functionality that gives users the ability to
-compute projected price/volume/service/provider changes
-produce side-by-side comparisons for budget, forecasting and negotiating purposes

"Widespread adoption of the AFP/ANSI 822 data standard, coupled with SmartAnalysis, went a long way toward helping our customers manage their domestic banking costs," says Monica Rakowski, SmartAnalysis Product Manager, Chesapeake System Solutions. "However, at least 50% of our clients maintain international banking relationships. The new TWIST BSB standard offers the international banking community the same opportunity for consistent, comprehensive reporting. Version 5.5 completely automates TWIST BSB data imports, putting our customers in a position to take advantage of the latest international bank reporting technology, and includes all currency and tax data on bank fees in the bank account analyses performed."

SmartAnalysis 5.5's enhanced "What-If" module lets customers perform side-by-side comparisons, which can be as simple as comparing account statements for two successive months or as complex as projecting price and volume changes across current and potential banking relationships. Reports highlight the findings and discrepancies disclosed, such as price differences between banks, changes in volumes, new bank services and so forth, using a color-coded alert system. Hypothetical data can be safely input to power the analyses without affecting actual bank data. Customers simultaneously gain both a reliable error-detection tool and a powerful budgeting and forecasting instrument.

Peter Vogelberger, Chesapeake's CEO, says, "SmartAnalysis 5.5 is a complete bank account analysis tool that gives corporate treasurers and cash managers a strategic advantage over banking costs. Beyond its powerful analytical, budgeting and forecasting tools, SmartAnalysis 5.5 identifies specific actions they can take today to save money, whether through enforcing existing agreements, instituting better-targeted internal procedures or establishing more beneficial banking relationships. In our experience, every SmartAnalysis customer achieves savings. The amount depends on how often and how well they use the application."

Chesapeake System Solutions' SmartAnalysis 5.5 is available as a licensed software offering, a hosted solution, a Software-as-a-Service (SaaS) solution and an outsourced service. Chesapeake's other financial governance, risk management and compliance software solutions-T-Recs Enterprise, SmartTreasury, and Unclaimed Property Compliance System (UPCS)-also are offered in licensed, hosted, SaaS and outsourced versions. All Chesapeake products are backed by an outstanding customer support team and application-unique training courses designed for every experience level.

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