September 15, 2008 Fiserv Inc. (Brookfield, Wis.) announced that Geneva-based private banking firm Lombard Odier Darier Hentsch (LODH) selected and implemented CheckFree's reconciliation and exception management solution, following a comprehensive review of seven competing bank reconciliation solutions. Replacing a third-party vendor, CheckFree's solution has been implemented in Geneva and will be rolled out to several offices worldwide. Functioning as an operational risk matrix, the solution will provide LODH with visibility across its high-risk exception items, enabling it to identify how long positions have been outstanding and provide the ability to automatically escalate potential risks for resolution based on LODH-specified criteria. "Retiring our existing reconciliation system provided us with the ideal opportunity to establish a more strategic approach to the automation of our cash and securities reconciliations," Catherine Rossy, head of reconciliations, LODH, said in an official statement.
ABOUT THE AUTHOR
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & ...