Fiserv, Inc., the provider of financial services technology applications, announced that The Bank of N.T. Butterfield & Son Limited (“Butterfield”), Bermuda’s independent bank, has selected the Frontier™ Securities application from Fiserv to create an enterprise reconciliation platform to address the bank’s global financial control needs.
The application will replace multiple legacy systems and manual processes. This centralized financial control framework will initially be deployed across Butterfield operations in Bermuda, Barbados, Cayman Islands and Guernsey with the bank’s remaining jurisdictions covered in later phases.
“The improved level of operational efficiency will help Butterfield Bank deliver an even higher standard of customer service through prompt enquiry resolution. With the Fiserv application, more than 50 concurrent users have a real-time graphical view of transactions and can instantly access identified high-risk transactions,” says Wilton Dolloff, executive vice president and chief operating officer of Butterfield. “We selected Fiserv as they are a long standing business partner of Butterfield, and in our opinion, have the best-of-breed application for our needs. Their implementation methodology is also well defined and this, combined with their consultancy experience, was a key factor in our decision process.”
“The decision to deploy Frontier Securities across the enterprise demonstrates Butterfield’s commitment to implement strong financial controls and deliver superior customer service,” says Elizabeth Elkins, general manager, financial control solutions, Fiserv. “A broader program to standardize a large number of financial applications globally also indicates a clear focus on financial governance as a vehicle to drive cost savings and compliance.”
Butterfield’s Head Office in Bermuda has enjoyed a strong technology partnership with Fiserv since 1999.
Frontier Securities is a part of the Financial Control Solutions suite (formerly CheckFree ORM). Financial Control Solutions is focused on the delivery of software products that enhance operational efficiency, improve risk management at the transaction level and mitigate compliance risk. The application suite delivers market leading capabilities across transaction matching, account reconciliation, exception and case management, account certification, balance sheet attestation, reporting and performance management.
D.C.