Sibos Conference Booth L08 - CheckFree Corporation (Nasdaq: CKFR) today announced that Rennies Bank, South Africa's leading specialist foreign exchange and trade finance bank, has selected CheckFree's Accurate NXG solution to help better manage potential operational risk across all nostro and internal accounts. This straight-through processing (STP) implementation is an example of how Rennies leverages CheckFree's Applied Operational IntelligenceSM approach, first announced on October 9.
"The flexibility of Accurate NXG, combined with CheckFree's Applied Operational Intelligence approach, will help us gain control over our reconciliation and exception management processes, a key area of operational risk. CheckFree's solution is easy to use and deploy. It will enable us to improve management reporting, automate manual processes and save significant cost and time," said Jill Murtagh, director payments and settlements at Rennies Bank.
Accurate NXG will be used to reconcile growing volumes of transactions from a variety of data sources. These include nostro transactions resulting from foreign exchange deals along with transactions from Rennies' retail banking division, South African Rand bank accounts and internal control accounts.
Reconciliation and operational risk management are critical at Rennies.
Reporting and sign off on outstanding items was previously done manually. Using Accurate NXG, Rennies will be able to immediately identify any exceptions or areas of potential risk and automatically escalate these items to the board level when necessary. Senior management at Rennies will also use the dashboard to electronically sign off all reconciliations, demonstrating compliance with defined operational control policies.
"CheckFree's experience in delivering reconciliation and exception management solutions in the South African market has demonstrated that Accurate NXG is the solution of choice for companies looking for a flexible solution that can be rolled out quickly and easily. Accurate NXG will help Rennies Bank to continue to support business growth and add further reconciliations while minimizing the need for additional information technology overhead," said Esther Pigg, vice president of global product management at CheckFree Software.
CheckFree's Applied Operational Intelligence approach helps clients drive profitability and performance through a combination of innovative software, industry expertise and collaborative partnership. This approach is built on CheckFree's core competencies of reconciliation, exception management, transaction process management, corporate actions processing, payments processing, risk management and compliance. The Applied Operational Intelligence approach is expressly designed to manage risk and efficiency, while leveraging valuable 'operational intelligence' to achieve measurable return on investment.