Toronto â February 21, 2006 â Hummingbird Ltd. (NASDAQ: HUMC, TSX: HUM), a leading global provider of integrated enterprise content management (ECM) and network connectivity solutions, today announced that Webster Bank, N.A., a subsidiary of Webster Financial Corporation (NYSE: WBS), has implemented Hummingbird Enterpriseâ¢ for Contract Management to automate the contract lifecycle process in its Information Technology (IT) department.
Hummingbird Enterprise for Contract Management is a packaged solution built on the Hummingbird Enterprise ECM platform. It provides organizations with a secure, Web-based environment for real-time access to their contract data and offers automation support across all contract management lifecycle stages from creation through negotiation to maintenance.
With $17.8 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 157 banking offices, 304 ATMs, telephone banking and the Internet. The IT group at Webster Bank is using Hummingbird Enterprise and Hummingbird BIâ¢, Hummingbirdâs leading query, analysis and reporting product, to manage its IT contracts. A specific benefit includes monitoring contract milestones. Webster is also positioning the Hummingbird solution for non-IT contracts.
Hummingbird Enterprise for Contract Management is not only a repository for Websterâs IT contracts, but also keeps IT users informed of important renewal, expiration and decision dates associated with those contracts. Users can sort, categorize, search, classify by risk, and be notified of critical dates prior to contract renewal or termination. This allows the IT department to contribute to Websterâs overall compliance position and improve workflow efficiency.
âPreviously, we monitored our contracts manually and kept them in standard hardcopy format,â said Joe Savidge, Senior Vice President of Operations and Technology at Webster Bank, N.A. âWith Hummingbird Enterprise for Contract Management, we now have the ability to view and maintain our contracts electronically, with the additional benefit of centralized storage for more efficient searching and retrieval of contracts, contractual information and related documents. Responsible personnel can track those contracts and are automatically notified of renewal or expiration dates, or when changes occur. This automated approach to contract management helps us improve our business operation significantly.â
âWe are very pleased to have Webster Bank, N.A. as one of our early adopters for our packaged contract management solution built on Hummingbird Enterprise,â said Barry Litwin, President and Chief Executive Officer, Hummingbird Ltd. âWith Hummingbird Enterprise for Contract Management in place, Webster is automating most of the contract management tasks, improving business efficiency and reducing risk to the financial institution and to its customers.â