Bank of America to deliver Chesapeake treasury tool to commercial clients

Source: Chesapeake System Solutions

Chesapeake System Solutions, Inc. announced that Bank of America will be offering a new benefit to its commercial clients - enhanced management of their cash and liquidity workflows via Chesapeake's treasury workstation solution.

The new service will allow Bank of America commercial customers to take advantage of the many financial tools available through one of Chesapeake's signature treasury management applications.

By incorporating Chesapeake's solution into its offering of treasury management solutions Bank of America will deliver both traditional treasury management and information delivery services, as well as a comprehensive treasury workflow solution previously only available to very large corporations. In fact, one of the key criteria leading Bank of America to select the Chesapeake software was its flexible technology.

Chesapeake's cash position worksheet (CPW) will allow Bank of America's clients to continue functioning in a familiar personalized spreadsheet environment, but with the benefit of a single centralized database. Additionally, via CPW remote access, treasurers can place responsibility for initiation of payments, EFT authorizations, and other similar tasks at the appropriate division level, with final approval and review by the treasury staff. Major CPW functions include automated scheduling, balance and detail reporting, personalized cash position worksheets, cash forecasting, funds transfers, general ledger interface and treasury reconciliation.

Further contributing to the selection of Chesapeake's treasury workstation technology by Bank of America is the company's highly acclaimed industry reputation. Chesapeake is a leading provider of financial software solutions to the banking, retail, corporate, insurance and financial institutions marketplace.

"Our treasury tool will help Bank of America's clients consolidate critical cash and liquidity information from many financial institutions into one database, eliminating the time-intensive need to re-key data into multiple spreadsheets," said Chesapeake president Peter Vogelberger. "This advanced functionality will expand treasuries' view of their positions and forecasts, resulting in more educated and accurate financial decisions."

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