OWINGS MILLS, MD (July 27, 2004) â Although the onset of Internet banking has made small-scale data collection easier, for the vast majority of companies that must download and reconcile accounts from multiple banks on a monthly, weekly, or, most often, daily basis, automated solutions offering one-step information gathering have remained elusive â¦ or expensive.
Chesapeake System Solutions announced today the release of Internet Data Manger (IDM), a powerful new technology that puts the user in control of banking data collection. Gone are the days when information from multiple banks had to be downloaded manually, either using up precious internal resources or forcing companies to spend thousands of dollars a year to hire third-party vendors to collect the data.
Designed to work seamlessly with other Chesapeake treasury software such as T-Recs, SmartAnalysis and SmartTreasury â as well as a host of other utilities â IDM requires minimal set-up, then works in the background to download and integrate information from virtually any commercial bank. Whether sweeping accounts, posting to the general ledger or reconciling transactions, users will barely know IDM is running. That is, until they receive a daily e-mail giving them the information they need right at their fingertips.
IDM can be used to collect any data that is available on the Internet â from balances and transaction histories to exception items like returns and positive pay to account analysis.
"A lot of folks say their software is designed with the customer in mind. Whatâs different about us is that we start with the customer first," said David Tanner, Vice President of Chesapeake. "For starters, weâre not just data collection specialists who work with banks. Our team is built from the ground up with experts in collecting â and using â this type of data from the get go. What thatâs allowed us to do is create a one-of-a-kind product that is flexible, reliable, easy to use, and does as much of the work as possible on its own."
Customers install IDM along with powerful, one-click macros that tell the program what data to retrieve, when to get it and what to do with it. From there, IDM runs in the background to download transactions, "sweep" accounts, upload ACH files and perform other functions. Users receive regular collection reports via e-mail, and comprehensive backups are created using files with unique, user-defined names that are both easy to retrieve and avoid the problem of overwriting previous back-ups.
"What I think people will really appreciate about this product is its flexibility and the level of customization thatâs available. While itâs designed for use with other Chesapeake software, it can also be used to handle any type of on-line banking transaction," says Jeremy Sager, Chesapeakeâs Data Communications Product Manager. "Plus the downloadable data is in a format that can be imported by most financial software. Our first users have already found uses for this product that we never thought of."
Sager said another popular feature of the software has been the one-touch on-demand "get support" button. Any time a user has a question, the Chesapeake Help desk is notified, and is automatically sent a log file showing transaction histories along with a copy of the usersâ configuration settings.
"One of the things people hate to have to do when they have a problem is answer a bunch of technical questions from the people who are supposed to be helping them," Sager said. "With our system, they click their mouse, and 30 seconds later weâre working on the problem."
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. Chesapeakeâs success evolves from its powerful combination of customer and industry-driven software, personalized customer support and advanced technology. Chesapeakeâs single-vendor product and support solution includes SmartTreasuryâ¢ desktop and web-based treasury workstation, Total Reconciliation Solution (T-RecsÂ®), a comprehensive reconciliation and deposit verification system, Unclaimed Property Compliance System (UPCSâ¢) , which automates unclaimed property reporting for all 54 jurisdictions and SmartAnalysisâ¢, which helps you quickly confirm your bank is fulfilling its promises by analyzing trends and comparing services across your banks.