Benefits Payment Outsourcing Takes Burden Off Financial-Services Firms.Business/Technology Editors METHUEN Methuen (mĭth  `ən), town (1990 pop. 39,990), Essex co., NE Mass., a suburb of Boston; settled c.1642, set off from Haverhill 1725. , Mass.--(BUSINESS WIRE)--March 20, 2000 New Genesys service handles labor-intensive processing and distribution of lump-sum and periodic pension, annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. , and disability disbursements for large financial institutions Genesys Software Systems, Inc., the Methuen, Mass.-based provider of outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. services and software for benefits, payroll, and human-resource management, today introduced the Genesys Benefits Payment outsourcing service. The service will relieve financial-services firms of the burden of managing, processing, and distributing lump-sum and periodic pension, annuity, and disability disbursements, thereby enabling the firms to streamline their operations, reduce costs, and concentrate on strategic business activities. "Genesys has a proven track record in handling critical, high-volume transactions such as benefits and payroll payments. In fact, one Genesys client processes 1.2 million transactions a month," said Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. Kraunelis, director of business development for Genesys. "In today's rapidly changing e-business environment, more and more companies are exploring the business value of outsourcing non-core competencies. It's only logical for us to leverage our outsourcing-services expertise by rolling out Genesys Benefits Payment outsourcing to large institutions that manage disbursements." Outsourcing Clients Bypass Cumbersome cum·ber·some adj. 1. Difficult to handle because of weight or bulk. See Synonyms at heavy. 2. Troublesome or onerous. cum , Costly Processes The legacy payment systems in use at most financial-services firms today lock those companies into antiquated processes that are labor-intensive, time consuming, and only approach cost-effectiveness cost-effectiveness pertaining to cost-effective. cost-effectiveness analysis a comparison of the relative cost-efficiencies of two or more ways of performing a task or achieving an objective. when huge volumes--in the region of hundreds of thousands--of disbursements are being made. By embracing new technology such as web applications that enable direct input of information, and by relying on outsourcing to handle the most cumbersome activities, institutions can streamline their disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. processes and decrease operational-support requirements 20 to 25 percent or more. Genesys Benefits Payment outsourcing provides a "private label" web application (i.e., Genesys web software that is customized to reflect the corporate identity of the customer) with an easy-to-use interface. Information is entered directly into the Genesys Benefits Payment system without the need for paperwork and the inefficient crosschecks required when information must be passed back and forth to third parties for data entry. Payments are processed within a day of the information's being entered. Genesys outsourcing customers do not need to host a payment application, maintain a database or server, or process and distribute checks. By reducing turnaround time (1) In batch processing, the time it takes to receive finished reports after submission of documents or files for processing. In an online environment, turnaround time is the same as response time. and providing on-line access, the Genesys outsourcing service enables plan sponsors to enhance customer service and improve relationships with plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. . "In short," said Kraunelis, "Genesys' innovative web interface and self-service portal enhance efficiency and customer service, while our customized outsourcing and hosting services reduce operational expense. Benefits outsourcing enables our customers to provide real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. 24x7 customer and self service, all with a 'best of breed' application." Pricing and Availability The Genesys Benefits Payment outsourcing solution is available immediately and can be deployed in less than three months. The service fee varies based on the number and type of payments, with periodic payments averaging $1.20--a dramatic reduction in cost compared with most alternative processing methods. Genesys offers the service on a fixed-fee basis, so customers can easily budget the cost up front. More information about Genesys Benefits Payment outsourcing may be obtained by calling Lew Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. at (978) 685-5400, extension 3045, or sending email to lthompson@genesys-soft.com. About Genesys Genesys Software Systems, Inc., provides thousands of organizations, including many Fortune 1000 firms, with powerful human-resource management, payroll, and benefits solutions. These are available to customers through the industry's only full-service outsourcing option or as licensed software applications. Genesys' corporate headquarters are located at 5 Branch Street, Methuen, Massachusetts For other uses of Methuen, see . Methuen is a city[1] in Essex County, Massachusetts, United States. History Methuen was first settled in 1642 and was officially incorporated in 1726. 01844-1999. More information about Genesys is available at www.genesys-soft.com or by calling (978) 685-5400. Any trademarks, registered trademarks, and/or service marks contained herein are the property of their respective owners. |
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