News & Events
News & Events
Chesapeake Offers Banks an Innovative Hosted Data Collection Solution
IDM Service Reaches More Banks Less Expensively and Collects Current-Day Data for Banks’ Corporate Customers
Owings Mills, Md. -- March 12, 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 the availability of its IDM™ Service, a hosted data collection solution. Designed specifically for the banking industry as a service offering for corporate customers, IDM Service reaches more banks more efficiently and collects current-day banking data at a lower cost than traditional methods. The solution’s fast, secure operations derive from advanced Web-based functionality complemented by the latest server technology.
IDM Service allows banks to offer their corporate customers multibank information reporting. In fact, IDM can reach any bank that posts transaction data to a Website and can collect both prior- and current-day data. In so doing, IDM Service overcomes two major data-gathering limitations common to vendors relying on last-generation proprietary data exchange systems. More important, IDM Service delivers these expanded services at a price that is significantly less expensive than competitor offerings.
Because it is a hosted data collection solution, Chesapeake’s IDM Service eliminates the privacy concerns corporations raise when contemplating financial data retrieval services through a bank. Since Chesapeake hosts the solution, corporations can be assured of confidentiality regarding both the nature and the scope of their banking relationships. Notably, one of the nation’s top banks is already reaping the benefits of offering IDM Service to its corporate clientele.
Peter C. Vogelberger, CEO, Chesapeake System Solutions, says, “Today’s banks face a major challenge in cultivating the customer loyalty that is so vital to ongoing corporate business relationships. Companies know that Bank A’s services are interchangeable with Bank B’s, and they can shop around for the best price. Offering IDM Service is a key differentiator, and perhaps the most strategic business move available to savvy bankers who want to create loyalty and grow their customer base. It is an inexpensive alternative for banks to offer corporate customers, yet gives them a service that competitors without Chesapeake’s IDM Service simply cannot match.”
About Chesapeake System Solutions, Inc.
Chesapeake System Solutions, headquartered in Owings Mills, Maryland, is an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations. Whether providing automated means to reconcile cash and non-cash accounts, manage corporate treasury functions, analyze bank account information or track unclaimed property, Chesapeake’s suite of products not only responds to specific financial needs but also incorporates those essential higher-level functions of financial governance, financial performance and regulatory compliance through built-in provisions affording internal controls, data security and process oversight. Since 1993, Chesapeake has helped national and international organizations of every size improve productivity, lower costs and document compliance with regulatory requirements including Sarbanes-Oxley and PCI Standards. Chesapeake offers leading-edge solutions, the latest technology and unparalleled customer support. For more information about Chesapeake and its solutions, please visit www.chessys.com or call 410-356-6805.
Press Contact:
Jeanne Zepp
DPR Group, Inc.
240-686-1000
Company Contact:
Jim Alsobrook
Chesapeake System Solutions
410-356-6805, x141