IDM automates the retrieval and distribution of Internet financial data, [image-nocss] giving Cumberland Farms the capability to obtain BAI (bank account information) files across virtually all its banking relationships. SmartAnalysis with SmartAnalysis RM, a sophisticated tool for analyzing commercial bank fee data, automatically verifies application of negotiated discounts. The solution also offers key anti-fraud features by maintaining banking relationship data in a single place and allowing one-step editing of important account details, such as authorized signees.
John Daly, assistant treasurer of Cumberland Farms, said, "As a cash business, the daily retrieval and analysis of depository data are critical risk-management activities. Obtaining daily BAI files from larger institutions was not an issue, however, we have an extensive subset of smaller banks that either could not provide this service on a daily basis or could not do so economically. Chesapeake IDM was a perfect fit for us, solving this dilemma simply and affordably while reducing our vulnerability."
He added, "Our numerous banking relationships generate substantial bank fees. It is not feasible for staff to review hundreds of bank statements to verify the appropriateness of monthly account charges. SmartAnalysis, coupled with IDM, overcomes this obstacle, automatically identifying incorrect fees and pinpointing unnecessary accounts or services. This...solution not only verifies charges are correct but also gives us the ability to accumulate usage data and benchmark our fees against industry standards-a clear path to greater savings in our banking activities."
Cumberland Farms, based in Canton, Mass., has a network of retail stores, gas stations and a support system including petroleum, dairy and grocery distribution operations that spans 11 states across the Northeast and Florida.Owing Mills, Md.-based Chesapeake System Solutions provides integrated financial governance, risk and compliance solutions to the world's foremost enterprises. Chesapeake's integrated suite of software solutions brings visibility and control to the processes of balance sheet reconciliation, risk management and compliance, while intuitive design features simplify financial data reporting, workflow management, financial oversight and close.
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