Central Bancompany Mitigates Risk with Chesapeake’s T-Recs Enterprise

8 July 2008

Chesapeake System Solutions, Inc.® (www.chessys.com), an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations, today announced that Central Bancompany, Inc., a full-service financial institution based in Jefferson City, Mo., is successfully using T-Recs® Enterprise and Internet Data Manager (IDM™) as central components of efforts to minimize operational and financial risk. Central Bancompany, which has nearly $8.5 billion in assets, serves markets in Missouri, Illinois, Kansas and Oklahoma through 13 community banks with approximately 175 locations. Central also operates a full-service trust affiliate.

T-Recs Enterprise is an all-in-one application that offers all the functionality needed to reconcile the entire balance sheet—cash and non-cash accounts—and a sophisticated workflow management engine that keeps financial compliance processes on track and automatically escalates unresolved issues. T-Recs Enterprise offers unparalleled scalability and flexibility to support the increasing transaction volumes associated with growth-oriented entities such as Central, yet is well suited to the needs of smaller organizations with fewer transactions. Chesapeake IDM adds to the robustness of Central’s solution by fully automating the upload of financial data from third parties, such as the Federal Reserve and other fund settlement entities.

Central Bancompany is using the power of T-Recs Enterprise to reconcile 11 internal applications to its general ledger system; perform official check reconciliations; and complete Fed and correspondent bank reconciliations, among other activities. Central is experiencing significant time savings in completing reconciliations, for example, cutting the time needed to arrive at its daily Federal Reserve position by two thirds and saving at least one hour per day per bank in reconciling principal accounts in the consolidated loan operations area. Central plans to further harness the power of T-Recs Enterprise by offering reconciliation and Positive Pay services to its corporate clients in the future.

Lisa J. Pittman, Vice President/Controller, Central Bancompany, says, “Our reliance on manual reconciliation procedures in an environment of growing transaction volume created considerable operational and financial risk. T-Recs Enterpriseminimizes those risks through standardized rules, optimized processes and enhanced visibility. From a personal standpoint, I find its ease of use to be its greatest asset. We have been able to bring most of the nearly 3,000 import accounts online ourselves and create new reconciliations because T-Recs Enterprise is so intuitive in its design. We have only scratched the surface of what we can do with T-Recs Enterprise.”

Peter C. Vogelberger, CEO, Chesapeake System Solutions, says, “Corporate success is intimately tied to accurate financial data. T-Recs Enterpriseconsolidates the reconciliation process and makes it more efficient, yielding the timely, reliable, enterprise-wide information that corporate decision makers require. By deploying T-Recs Enterprise, Central Bancompany has not only mitigated the operational and financial risk associated with the reconciliation process but also eliminated the risk that comes from using multiple financial systems. As an all-in-one solution, T-Recs Enterpriseoffers the capability to reconcile cash and non-cash accounts via a well-defined matching process and track review and approval for financial governance purposes.”

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