SOURCE: FIMAC Solutions

August 05, 2008 11:29 ET

FIMAC Acquires SmartRate Deposit Price Optimization Software

Pricing Methodology Can Save the Average Financial Institution 20-30 Basis Points in Cost, Over Time

DENVER, CO--(Marketwire - August 5, 2008) - FIMAC Solutions, LLC, an experienced developer of risk management and profitability software for the banking industry, announced that it has reached an agreement with Profitdesk Software Inc. to acquire Profitdesk's industry-leading SmartRate deposit price optimization software.

Through a licensing relationship with Profitdesk, FIMAC Solutions has marketed SmartRate for the last year under the Deposit Analytics brand name to community-based financial institutions, while Profitdesk marketed under the SmartRate name to larger institutions. FIMAC intends to continue to offer the software to financial institutions of all sizes but has not yet determined if the software will continue to be marketed under the brand name "SmartRate."

"In the past, deposit pricing has been a strategy based on rudimentary analysis and guesswork," said former banker Gregory W. Doner, Chairman and CEO of FIMAC Solutions, LLC. "SmartRate has changed the face of the industry and caused traditional practitioners to scramble to attempt to defend their archaic efforts against SmartRate's quantified decision making information."

With SmartRate's deposit price optimization, the correct price is quantified utilizing historic empirical evidence and mutli-variable analysis. Institutions still apply normal pricing considerations, but are operating with a known price base. This pricing methodology can save the average institution 20-30 basis points in cost, over time, as the institution's true core deposits are identified and grow, while "hot" money is identified and managed to actual needs.

For further information and to learn how Deposit Analytics and SmartRate can save you deposit expense, please call FIMAC Solutions at (303) 320-1900 or email sales@fimacsolutions.com.

FIMAC Solutions, LLC, provides Creative Analytic Solutions for Depository Institutions. Based in Denver, Colorado, FIMAC specializes in providing the financial services industry with banking software focusing on risk management and profitability solutions. The Company's flagship product, Risk Analytics® ALM Model, is well recognized throughout the industry with approximately 350 placements. Further information is available at www.fimacsolutions.com.

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