Business Editors/Technology Writers
OWINGS MILLS, Md.--(BUSINESS WIRE)--Nov. 16, 2005--Chesapeake System Solutions, a leading provider of reconciliation, treasury, analysis and compliance software, announced today that Northeastern U.S. financial services Company NBT Bancorp Inc. has licensed T-Recs(R), a comprehensive reconciliation and deposit verification system, to automate its high-volume internal reconciliations.
NBT Bancorp will use T-Recs to reconcile some 300 high-volume internal accounts, automating what was previously a tedious manual process. Jeanne Harty, NBT Bancorp Account Reconciliation Department Supervisor, said, "In our highly time-sensitive environment, we need a solution that can provide both speed and complete accuracy. One without the other just won't meet our needs, and T-Recs delivers on both fronts."
T-Recs, Chesapeake's flagship reconciliation package, is used by banks and other financial services organizations, retailers, restaurant chains and many other businesses that have a high volume of transactions. By automating exception management and workflow, and maintaining a permanent audit trail for each transaction, T-Recs allows businesses to reconcile and manage accounts on a daily basis.
This frees staff to focus on core treasury functions, such as optimizing cash flow, as well as allows resources to be allocated in the most productive ways.
Harty said that, in addition to the speed, accuracy, and processing power offered by T-Recs, NBT was attracted to Chesapeake because of company's commitment to customer service. "Chesapeake's reputation in the marketplace was a key factor in our decision," she said.
"We believe that exceptional products must go hand in hand with exceptional service," commented Peter Vogelberger, president of Chesapeake. "We look forward to delivering both in our relationship with NBT Bancorp."
NBT is a financial services holding company headquartered in Norwich, NY, with total assets of $4.4 billion at September 30, 2005. The Company primarily operates through NBT Bank, N.A., a full-service community bank with two divisions and through a financial services company. NBT Bank, N.A. has 113 locations, including 74 NBT Bank offices in upstate New York and 39 Pennstar Bank offices in northeastern Pennsylvania. EPIC Advisors, Inc., based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm.
Chesapeake System Solutions, Inc. offers the total end-to-end treasury solution, seamlessly integrating cash management with reconciliation, account analysis and compliance. Chesapeake shares information across all applications, allowing customers to better manage treasury operations. Chesapeake's success is based on its powerful combination of customer/industry-driven software, personalized customer support and advanced technology. Chesapeake's single-vendor solution includes Total Reconciliation Solution
(T-Recs(R)), a comprehensive reconciliation and deposit verification system, SmartTreasury(R), modular desktop and web-based treasury workstation software, Chesapeake IDM(TM) (Internet Data Manager), the one-step bank information gathering solution, SmartAnalysis(R), for analyzing trends and comparing services across banks, SmartAnalysis(R) RM for recording, organizing and documenting a company's bank account criteria for its different banking relationships, and the Unclaimed Property Compliance System (UPCS(TM)), which automates unclaimed property reporting for all 54 jurisdictions.