Australian Bank Signs CheckFree To Consolidate Transaction Processing

Australia's sixth largest banking group and fourth largest insurer, The Suncorp Group, has selected CheckFree's Accurate NXG Operational Risk Management solution to improve its reconciliation and exception management processes, and potentially reduce operational risk across its entire insurance, banking and

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Australia’s sixth largest banking group and fourth largest insurer, The Suncorp Group, has selected CheckFree’s Accurate NXG Operational Risk Management solution to improve its reconciliation and exception management processes, and potentially reduce operational risk across its entire insurance, banking and wealth management business.

Through its implementation of the complete CheckFree solution, Suncorp has already achieved significant, measurable benefits that include reduced cost and reduced operational risk,” said Denis McQuade, executive vice president at CheckFree Australasia in Sydney.

Suncorp, one of Australia’s top 20 companies with a market value of around $11.4 billion, required a transaction processing solution that could handle diverse business needs of its three main divisions. Accurate NXG will centralize all of the company’s reconciliation and exception management processes, automating workflows and improving management reporting.

“We wanted a functionally rich reconciliation solution that would significantly improve our ability to complete accurate and timely reconciliations of general ledger and bank accounts, to act upon exceptions efficiently and consistently, and, to report on and monitor the reconciliation function across the Suncorp Group,” said Maree McMahon, accounting operations, Accounting & Tax at Suncorp.

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