CheckFree Corporation says that The Suncorp Group, Australia’s sixth-largest banking group, has expanded its enterprise-wide deployment of CheckFree’s Accurate NXG application to mitigate potential operational risk across its three major business lines. The Suncorp Group leveraged CheckFree’s Applied Operational IntelligenceSM approach, first announced 6 Oct. for this straight-through processing (STP) project.
“CheckFree’s Applied Operational Intelligence approach is helping The Suncorp Group to drive profitability and performance throughout our insurance, banking and wealth management divisions,” says Anne Jackson, the Acting Manager of Accounting Operations at The Suncorp Group. “Working closely with CheckFree as a strategic partner on the implementation of Accurate NXG has helped us improve our management of potential operational risk and rapidly achieved significant return on investment. Furthermore, the professionalism, enthusiasm and total commitment to service of the local CheckFree team have been major factors behind the success of this critically important project.”
Accurate NXG has replaced a largely manual internal reconciliation process that spanned a number of different systems and business locations. With the fifth phase of the implementation, the solution is now used to manage over 200 separate reconciliations, with more than 300,000 diverse transactions. Additionally, The Suncorp Group is planning to quadruple the number of accounts that are reconciled using Accurate NXG.
The Suncorp Group is in the process of developing the Accurate NXG automated workflow processes to assist with the monitoring of outstanding items. Additional development is currently underway to provide a fully audited electronic sign off process per reconciliation, listing all outstanding items in dashboard, enabling supervisors to constantly monitor daily reconciliation positions and gain visibility on areas of potential operational risk.
“CheckFree has helped The Suncorp Group to rapidly deploy Accurate NXG to other parts of their business, resulting in a low total cost of ownership for a large enterprise-wide deployment,” adds Esther Pigg, the vice president of global product management at CheckFree Software. “Our local presence in the Asia-Pacific market ensures that CheckFree can provide a superior level of service to customers in this important financial region.”