CheckFree Corporation (Nasdaq: CKFR) today announced that The Penn Mutual Life Insurance Company, the second-oldest mutual life insurance company in the United States, has selected CheckFree's Accurate NXGTM reconciliation and exception-management solution to automate the company's cash and securities reconciliation processes.
The Accurate NXG solution, which will be deployed in Penn Mutual's investment management and treasury operations divisions, will enable the firm to improve operational intelligence, gain a single enterprise-wide view of its reconciliations, increase efficiency and better manage operational risk across the organization.
Jason Pandolfo, assistant vice president of Penn Mutual's Investment Operations, said, "As a mutual company, we are focused on process excellence and appropriate controls, which will increase our agility in meeting our business demands. Therefore, our goal was to implement a scalable and flexible reconciliation solution that could be used throughout the enterprise."
Accurate NXG will be used to reconcile positions and trading activity with internal accounting, trading and risk systems and confirm positions with custodians. The solution will also enable Penn Mutual to eliminate internal proprietary reconciliation processes, which were not sufficient for auditing purposes, and improve the investigation and resolution of transaction errors.
Esther Pigg, vice president of global product management at CheckFree Software, said, "CheckFree's Applied Operational IntelligenceSM approach allows customers to easily implement an enterprise-wide, operational control framework that helps them to meet the challenge of growing transaction volumes, achieve new levels of regulatory control and drive performance and profitability. CheckFree's expertise, gained from working closely with global organizations, such as Cincinnati Financial, Canada Life and Skandia, has positioned CheckFree as a strategic partner for the mutual life insurance industry."
CheckFree's Applied Operational Intelligence approach helps clients drive profitability and performance by combining innovative software, proven expertise and operational intelligence. This approach is built on CheckFree's core competencies of reconciliation, exception management, transaction processing, corporate actions processing, bank payment, risk management and compliance. Applied Operational Intelligence is expressly designed to manage risk and efficiency, while leveraging operational intelligence to achieve measurable return on investment.