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News < Back Sarbanes Oxley : US Treasury : Spend Management Eliminate Overpayments
TrackPoint tracks, traces, and reports on virtually any object or electronic file shipped in or out of the company, helping institutions reduce costs, streamline operations and solve internal control, regulatory, and audit concerns. MatchPoint validates and reconciles vendor invoices, helping institutions improve audit trails, eliminate overpayments, and reconcile tiered pricing. Commerce Bancorp (based in New Jersey with assets of $36 billion) is beta testing TrackPoint, tracking the routing of check bags from various branches to operations centers in New Jersey and New York. TrackPoint provides Commerce Bancorp with an enterprise system for managing deliveries, and the enhanced capability of browser-based viewing for a real-time view of the status of items in transit. Demand in the track-and-trace space is expected to grow as financial institutions seek to reduce operational expense and comply with laws on safeguarding their assets, with growing emphasis on the security and confidentiality of customer information. The Gramm-Leach-Bliley Act, the Sarbanes-Oxley Act, and Basel II in various ways oblige financial institutions to retain historical customer data as well as track and trace the movement of auditable data across, in, and out of the enterprise. Brian Evetts, Carreker's executive vice president of Cash & Logistics, said, "Those obligations could become onerous for banks when it comes to locating and accessing data unless they have robust, Web-based track and trace capabilities. Then they can improve the management of their delivery operations -- analyzing volumes, capacities, and workflows in real time, identifying bottlenecks and risk points, and reviewing the performance of vendors and employees. We also see opportunity for banks to significantly reduce their overnight shipping costs by deploying TrackPoint for their Accountable Mail." As for opportunity in MatchPoint's space, Aberdeen Group reported in January 2005 that automating the "order to pay" component of the invoice reconciliation/payment function can reduce invoice processing costs by more than 60 percent and capture as much as 17.5 percent savings on a significant portion of corporate spend. TrackPoint is a Web-based track and trace system that automates the counting, verification, logging, and reporting aspects of delivery management, tracking virtually any item or electronic file from courier bags between branches and operations centers to check image files exchanged among banks and their customers. It can support a variety of deployment strategies, including central facilities, remote users, and even customers. As indicated above, TrackPoint benefits include better internal control of shipment and delivery tracking, reduced errors in shipments and deliveries, better workflows, better vendor management, and reduced expenses due to automation and replacement of overnight mail providers. MatchPoint automates the vendor invoice process from the point goods or services are ordered or received all the way through to authorization to pay the invoice. Users can rapidly match and reconcile vendor invoices with actual orders. MatchPoint benefits include better management of vendor relationships, reduced overpayments, better audit trails, and reduced risk, as well as the reduced expenses associated with automation. TrackPoint and MatchPoint share the same infrastructure, providing a comprehensive delivery management and invoice validation solution when implemented together. J.D. (Denny) Carreker, chairman and CEO, Carreker said, "As laws and regulations place greater pressure on financial institutions to track, trace and secure their assets, and as overall expense pressures mount, we are pleased to release two new industry-leading logistics solutions designed to help manage these pressures. We are also pleased that Commerce Bank, a long- time client, is our beta test partner for our latest logistics solution." Carreker Corporation improves earnings for financial institutions around the world. The Company's integrated consulting and software solutions are designed to increase clients' revenues and reduce their expenses, while improving security and increasing the value of their customer relationships. Carreker provides products and services to more than 250 clients in the United States, Canada, the United Kingdom, Ireland, continental Europe, Australia, New Zealand, South Africa, South America, Mexico, and the Caribbean. Clients include the full range of community, regional and large banks, among them more than 75 of the largest 100 banks in the United States. Headquartered in Dallas, Texas since 1978, Carreker Corporation has offices in London and Sydney. For more information visit www.carreker.com 
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