Implemented hosted versions of its suite of software solutions as part of treasury management strategy
Chesapeake System Solutions, a provider of integrated financial governance, risk management and compliance software solutions, has announced that Bellingham, Washington-based Sterling Life Insurance has implemented hosted versions of its suite of software solutions as part of treasury management strategy.
Chesapeake’s T-Recs Enterprise provides Sterling Life with a financial control framework. Currently, it is reconciling cash accounts and related cash-clearing accounts. Sterling Life anticipates bringing on non-cash general ledger accounts as well.
Relative to Chesapeake’s SmartTreasury, Sterling Life uses the software to retrieve daily bank account activity, analyse daily cash positions, initiate electronic cash transfers and prepare a daily feed of all cash activity. SmartAnalysis enables the company to manage its banking relationships by confirming the appropriateness of banking charges and comparing its fees to banking averages.
Chesapeake’s Unclaimed Property Compliance System (UPCS) is managing claim payments made to health providers, returned policy premiums and accounts payable payments to vendors.
Marty Catron, vice president of finance, Sterling Life, said: “T-Recs Enterprise’s complete governance framework was a decisive factor. As a subsidiary of an international company, Sterling must comply with myriad operating and compliance requirements. In addition, Sterling will be required to comply with the Model Audit Rule effective January 2010. T-Recs Enterprise allows us to streamline our processes, replace manual controls with system controls and provide more accurate oversight and review over the reconciliation process.”