SOURCE: Speranza Systems

October 01, 2007 08:00 ET

Speranza Systems Streamlines Bank Relationship Management to Remove Inefficiencies, Reduce Error and Lower Costs

Speranza Command Center Provides a One-Click View of Accounts, Instant Audit and Compliance Records and Reduced Bank Fees and Offers a Foundation for Straight-Through Processing

PORTLAND, ME--(Marketwire - October 1, 2007) - Speranza Systems, an innovator in web-based solutions for global banking mandate and relationship management, today announced the availability of its bank relationship management product, Speranza Command Center™, a web-based platform that streamlines how companies interact with their financial institutions. Speranza Command Center offers corporate treasurers and CFOs the capacity to stay on top of regulatory demands in any region in the world, prevent fraud, enable accurate reporting on bank accounts, reduce bank fees and dramatically improve productivity.

Corporations dealing with the everyday hassles of managing and controlling bank relationships will benefit from Speranza Command Center. It implements controls around all the essential components of bank relationship management -- choosing the right bank, opening accounts, and managing account changes. Previously, companies would have to manually create individual documents necessary to make changes to their accounts or authorities -- such as changes to the legal mandates and signing and approval authorities or signature specimen cards.

Speranza Command Center replaces that old paperwork by using best practice methodologies and automated workflow to reduce the old methods from days to minutes. Speranza Command Center enables corporations and their banks to streamline the identification and authentication process, improve control and regulatory compliance, and improve the visibility on audit trails. The product streamlines several functions related to bank relations, including: exchanging banking mandates, opening a bank account, administrative changes related to the account (addresses, changing account name, etc.), adding/removing account services, adding/changing signers, and closing accounts.

"Reconciling the regulatory and legal aspects of choosing the best bank, opening new accounts and managing changes to those accounts can be extremely difficult and costly. Speranza Command Center will create order from chaos by automating these processes and enforcing the controls that large organizations establish internally," said Glen Solimine, CEO, Speranza Systems. "Our customers, such as Shell, recognize the Speranza Command Center as a cost-effective way to improve the current processes around managing the mandates and executing the opening, closing and updating bank accounts around the world."

Designed to be used in conjunction with treasury systems, enterprise resource planning and human resources systems, the Speranza Command Center is a suite of three complementary products that are sold along with a professional services package:

--  Account Management Center - a single, centralized and secure
    repository for all information concerning corporate bank accounts that
    enables managers to see, edit and report on account access and provides
    instant document generation.
--  Bank Management Center - a real-time scorecard that provides a 360-
    degree view of all the corporate banks a company works with, including
    information on fees, services, ratings, credit profiles and much more.
--  Authority Management Center - a single, central and auditable record
    of who is authorized to initiate, approve or sign any type of financial
--  Professional Services - Speranza's professional services team designs
    and implements the Command Center suite to automate the workflow processes
    established at the corporate client site. The team ensures that the Command
    Center's processes match the client's requirements and controls and
    synchronizes with those of each individual bank counterparty.

Using a distributed web-based architecture, Speranza Command Center controls delegation of authority and execution of mandates, automatic document generation, and digital signatures. Account information is updated in real time.

Platform for Straight-Through Processing

When a customer makes a request through the Speranza Command Center, the product creates all the necessary documentation that can be sent to the bank, in the specific location around the world, and it logs when and if confirmation is received from the bank counterparty. Speranza fully believes that in the near future such communication will be handled electronically through straight-through processing (STP). The company is working closely with its customers and industry groups to implement standards that will incorporate STP.

For example, in August, Speranza and Shell demonstrated an electronic process for opening a bank account. The Speranza Command Center can be the centralized management point for an STP between a corporation and its banks. When a user enters a command into the product's interface, the execution and all of the requisite documentation can take place electronically, eliminating the need for inefficient and difficult-to-audit paperwork.

Pricing and Availability

The Speranza Command Center is available immediately and is licensed on an enterprise basis.

About Speranza Systems

Speranza Systems recognizes the complexities faced by mid-to-large size businesses and has built an enterprise-class framework to simplify and track complex financial relationships. Speranza Systems is defining bank relationship management to include control of the delegation of authority, execution of the appropriate mandates, business intelligence, automatic document generation, digital rights and digital signatures. Speranza Systems knows that the right tools can leverage regulatory requirements, cut through chaos and utilize electronic efficiencies to turn compliance into competitive advantage. For more information, please visit

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