Suncorp, one of Australia's top 20 companies with a market value of around $11.4 billion, required a flexible transaction processing solution that could cope with the diverse business needs of its three main divisions. A proven solution in insurance and banking, Accurate NXG will centralise all of the company's reconciliation and exception management processes, automating workflows and improving management reporting.
Using CheckFree's Accurate NXG, which is built on the four core competencies of reconciliation, exception management, workflow, and business intelligence, Suncorp will be able to integrate and streamline its disparate systems onto one central solution, fully automate the reconciliation of thousands of accounts, track related exceptions more efficiently and potentially reduce operational risk.
Maree McMahon, Manager, Accounting Operations, Accounting & Tax at The Suncorp Group said: "We wanted a functionally rich reconciliation solution that would significantly improve our ability to complete accurate and timely reconciliations of general ledger and bank accounts, to act upon exceptions efficiently and consistently, and, to report on and monitor the reconciliation function across the Suncorp Group.
"We were impressed with the capabilities of CheckFree's Accurate NXG and the professionalism of the Australasian team. They worked hand-in-hand with us from the outset, to ensure they understood the complexities of the Suncorp enterprise, and managed execution professionally throughout including making sure that the different teams were fully trained and self-sufficient as soon as possible."
CheckFree Australasia provided consultancy and training support for Suncorp throughout the implementation, tailoring training for different users across the organisation. "With CheckFree's specialised input we were able to achieve our objectives within the timeframe as planned," McMahon said. "It was a great benefit for us to deal with a company where customer service is part of its culture. Through our collaborative approach, the reconciliation function at Suncorp was able to achieve strong operational results in a very short timeframe."
Phase one of the implementation went live one week ahead of schedule in November 2004, following an extensive and successful proof of concept exercise. Since then, three phases have been completed on schedule including over two hundred separate reconciliations for the company's insurance, banking and wealth management divisions.
The remaining phases, to occur over the following year, will deliver a single automated platform that will cover all interfaces to the general ledger, for the efficient and effective review, control and preparation of reconciliations and for clearing exception items for daily and monthly reconciliation processes. It will also accommodate other data feeds in different formats and time periods so that the solution can cover all reconciliations in the future for longer-term control purposes.
Denis McQuade, Executive Vice President at CheckFree Australasia in Sydney, Australia, said: "It is significant that Suncorp, as a sizable financial services group with a wide range of services, has selected CheckFree's Accurate NXG platform to consolidate its transaction processing requirements on a single, operational risk control framework.
Through its implementation of the complete CheckFree solution, Suncorp has already achieved significant, measurable benefits that include reduced cost and reduced operational risk."