TUSTIN, CA. June 21, 2005 â Envision Financial Systems, the award-winning software company for the financial industry, announced it is on track to complete Level 4 CMMI requirements by the end of the year. Envision will become the first transfer agency system provider to reach Level 4 CMMI, giving it the highest certification level in the transfer agency industry. The assessment for the Capability Maturity ModelÂ® Integration (CMMI) will be conducted by KPMG.
In the US there are currently only 18 known companies that have achieved Level 4 CMMI certification, putting Envision in elite company. Upon completion, all of Envisionâs three offices worldwide will be fully certified. CMMI is a rigorous way to assess and describe an organization's software development process, compare it against industry standards and help the organization refine and improve that process. In recent years, CMMI has gained more attention as a way to ensure software quality.
Within each of the CMMI maturity levels, key processes are defined in five areas: goals, commitment, ability, measurement and verification. CMMI developers have defined a rigorous method to assess how well an organization meets the goals of each level.
CMMI has been developed as an iterative process that is repeated by the company as often as is necessary in order to improve its performance and the quality of its products.
The five CMMI maturity levels are defined as:
CMMI level 1 = initial
CMMI level 2 = managed
CMMI level 3 = defined
CMMI level 4 = quantitatively managed
CMMI level 5 = optimizing
"It has been a collaborative effort, and we feel in this day and age of compliance issues and shareholder concerns, proactively becoming CMMI-certified was the way to go," notes Tom Wiedecker, Chief Operating Officer of Envision. "This gives the industry peace of mind knowing that Envisionâs commitment to quality and continual process improvements is more than just words."
PowerAgent, Envisionâs full-featured transfer agency software system, has gained much attention in recent years due to its benefits of flexible open architecture and real-time processing.