Chesapeake System Solutions Introduces SmartAnalysis To Help Companies Manage Bank Fees.

Business Editors

OWINGS MILLS, Md.--(BUSINESS WIRE)--Oct. 4, 2001

New software provides companies and organizations with automated analysis of their bank statements to ensure accuracy in bank fees and

adjustments

Each month banks charge their customers fees for services provided.

But how many organizations have the time, the tools or the staff they need to verify that the fees they are being billed are the correct charges? With Chesapeake System Solutions' newest financial solution software, it is easier than ever before to keep up with bank fees and potentially save organizations a significant amount of money where incorrect charges have been billed.

Now, with Chesapeake System Solutions' SmartAnalysis(TM), a company's finance department has an automated tool capable of identifying bank errors and inconsistencies, so the arduous task of verifying bank fees and requested adjustments has never been easier.

"Your bank invoices are one of the most complex communications you receive, and therefore you tend to overlook them," says Beth Dubyak, president of Cascade Treasury Services, Inc. "SmartAnalysis(TM) allows you to quickly confirm that your bank is fulfilling the promises it made to you, as well as compare services and fees across your different banks. You no longer have to ignore this very important piece of financial communication."

Fee structures can vary widely from bank to bank, from account to account, and from service to service: fixed fees, per unit fees and tiered pricing are just a few of the types of fees that can be assessed.

SmartAnalysis(TM) uses a bank relationship database to report any discrepancies between what the finance department negotiated with the bank and what the bank actually charged, identifying:

-- incorrect pricing,

-- fees charged for services not used,

-- transactional volumes outside of anticipated ranges,

-- services on the statement that the company did not agree to pay for,

-- incorrectly calculated earnings credits,

-- month-to-month trend comparisons,

-- and many other types of discrepancies.

In addition, SmartAnalysis(TM) can compare pricing from bank to bank so that organizations can negotiate the best service agreements.

"SmartAnalysis(TM) takes bank customers beyond the identification of discrepancies to tracking and resolution," says Kathleen Wynn, Vice President of Chesapeake System Solutions. "It also provides financial managers a clear picture of the cost of doing business with a particular bank - that's information that most companies don't have at their fingertips because it's too time consuming to collect manually."

With query and graphing capabilities, SmartAnalysis(TM) offers detailed management-level reporting, providing "what-if" scenarios should financial managers decide to change banks. These tools also identify trends in an organization's banking relationships and signal when it might be beneficial to change those relationships.

Ms. Wynn adds, "With SmartAnalysis(TM), organizations have a new level of control over their banking and an opportunity for saving money - it's a tool that they shouldn't be without."

About Chesapeake System Solutions

Chesapeake System Solutions, Inc. serves the retail, insurance, state government, Fortune 500, and banking industries, offering full end-to-end account reconciliation and unclaimed property reporting solutions.

Chesapeake specializes in researching, developing and supporting innovative software designed to give businesses financial control over their corporate assets and meet enterprise-wide demands and challenges.