News & Events
News & Events
Chesapeake’s SmartAnalysis Goes Live at National Life Group
National Life Group Estimates Full Return on Investment in Year One
Owings Mills, Md. -- February 20, 2008 -- Chesapeake System Solutions, Inc.® (www.chessys.com), an industry leader in providing automated reconciliation, treasury workstation, bank data management, bank account analysis, bank relationship management and compliance software, today announced that its SmartAnalysis® software successfully went live at National Life Group® (www.nationallife.com) headquarters in Montpelier, Vermont. National Life Group is a family of financial services companies that reported over $19.3 billion in assets under management at the close of 2006.
SmartAnalysis is a sophisticated tool that gives companies the capability to quickly analyze commercial bank fee data across all of their banking relationships regardless of the number of banks involved, individual accounts maintained or number of services used. SmartAnalysis’ functionality simplifies this process with a user friendly design that provides corporate personnel immediate access to the information they need to verify bank charges, negotiate better rates, accurately report daily corporate cash positions and develop meaningful budgets.
National Life Group selected Chesapeake’s SmartAnalysis after an intensive search that carefully evaluated available solutions. Nancy Leclerc, Senior Cash Manager, National Life Group, says, “Controlling commercial bank fees was a major challenge for us. Aside from payroll, these fees represented our largest budget line item and we had no easy means to verify charges or use the volume of our business to negotiate better rates. With SmartAnalysis, we estimate that we will reduce our annual bank fees on the order of 10% in the very first year alone. This translates to savings of approximately $85,000, allowing us to not only recoup the system purchase price but also cover the first five years of maintenance fees in year one.”
Peter Vogelberger, president of Chesapeake, says, “The challenge National Life Group faced is common in most corporations today. Whether they use paper or electronic bank statements, there simply isn’t a quick, effective means to obtain a comprehensive overview of their corporate banking activity or analyze their bank service fees. We designed SmartAnalysis with these firms in mind, simplifying data import, developing intuitive, easy-to-use screens and providing outstanding drill-down capacity. Most important, we back our products with unparalleled customer service.”
Implementation and training took less than two months to complete, and the actual “go live” went flawlessly. Chesapeake delivered a fully reconciled database containing three months of banking data at the time of implementation. This practice distinguishes Chesapeake from its competitors, which typically map transactions and allow customers to construct and reconcile databases themselves.
About Chesapeake System Solutions, Inc.
Chesapeake System Solutions, headquartered in Owings Mills, Maryland, is an industry leader in automated reconciliation, treasury workstation, bank data management, bank account analysis, bank relationship management and compliance software. Since 1993, Chesapeake has helped organizations large and small around the world improve productivity, lower costs, and manage and document financial controls through a suite of integrated products. Chesapeake’s leading-edge solutions are based on the latest technology and backed by a highly regarded support group. 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