The Latest Outsourcing Technology News & Information
April 2008
- Financial Clients & Strategic Cost Savings through Outsourcing
- Compliance-Driven Document Management in Financial Services
- Mailcom 2008
Financial Clients & Strategic Cost Savings through Outsourcing
In uncertain economic conditions, outsourcing to Swiss Post Solutions (formerly Forrest Solutions) has been the answer for many financial services firms - establishing clear and measurable cost savings immediately. These strategies are a result of streamlined process, best practice application and innovative technology service offerings that only SPS can deliver.
Most recently, Swiss Post Solutions has had the distinct honor of adding one of the leading financial guarantee firms to our prestigious client base, saving this firm $1M+ as a direct result of our superior PEOPLE and TECHNOLOGY solution. The timing was right and the financial firm capitalized on a moment of financial awareness to transition all in-house Scanning, Reception and Office Services operations to the fiscally responsible hands of Swiss Post Solutions.
In other news, our feature article for April has been submitted by our friends at Omtool -- the leading provider of document and information handling solutions that control the enterprise document lifecycle. The Case Study enclosed illustrates their capabilities with regard to supporting Financial Services Firms and will assist decision makers with paperless solutions that provide 100% compliance and confidentially.
For questions concerning this issue or past publications,
please contact me directly at
jlawless@swisspostsolutions.com.
Thanks and happy reading!
Sincerely,
Jamie Lawless
Vice President Business Solutions & Strategic Support
Compliance-Driven Document Management in Financial Services
By Karen Cumming, EVP, Sales & Marketing, Omtool, Ltd.
In the wake of high-profile industry scandals, compliance moved to the top of the agenda for every financial services firm. Now, companies are revisiting policies for collecting and retaining documents - electronic and paper - to ensure compliance with regulatory frameworks like Sarbanes-Oxley, Gramm-Leach-Bliley, the Security Exchange Act of 1934, anti-money-laundering statutes, and more. While many enterprises took great strides to ensure their electronic information infrastructure was sound, the paper was left behind.
IT organizations of every size must adopt document-retention policies that address "mixed-mode" documents (both paper and electronic). A sound IT infrastructure addresses both disparate origination and destination sources for all mixed-mode documents. Paper documents will continue to remain a business factor for the foreseeable future. The integration of mixed-mode documents is imperative for enterprise-wide accessibility, compliance-based retention and tracking as well as general productivity.
Omtool responds to these requirements for compliant communications with their AccuRouteŽ document capture and handling platform. The AccuRoute solution captures, converts, and distributes documents. This provides for the transformation of both paper and electronic communications to and from a variety of leading formats and securely sending the documents inside and outside the organization through fax and e-mail as well as scanning to network folders, network printers, and a range of enterprise applications and databases.
AccuRoute in Action
AccuRoute helps one global investment bank more effectively handle its broker communications in a compliant manner. Transmissions of documents to and from standard hallway fax machines did not comply with their SEC 17A monitoring and record- keeping obligations. The bank sought to consolidate fax traffic to and from all sources through a single IT-controlled infrastructure and enable all users and systems to use the new infrastructure as a simple solution to archive all inbound/outbound faxes into its existing enterprise archiving system.
With AccuRoute, users can now send secure faxes of electronic documents from their desktops by addressing an e-mail message to a fax number. For paper documents, users create an AccuRoute Routing Sheet (specifying the recipient and contact info) and simply walk to a network-enabled scan device and press a single button. Today, with a routing sheet or directly from a printer's front panel, faxes are delivered securely with an audit trail of activity.
The Results
This global investment bank has implemented a complete end-to-end communication system that conforms to the compliance requirements of SEC 17A and the related governing bodies.
In summary, the company now has:
- Compliance with SEC 17A for fax communications, avoiding potentially significant fines and reputation damage.
- A consolidated IT infrastructure and eliminated hundreds of traditional fax machines.
- Document routing that can handle many document workflows requiring multiple distributions, archiving, and security.
- Increased productivity through highly available and distributed document scanning devices.
- Significant cost savings through the reduction of traditional fax, mail, and express/courier shipments - as well as fewer costs associated for filing, maintaining, and accessing paper documents.
Mailcom 2008
Swiss Post Solutions is proud to be participating in Mailcom 2008 - the world's largest convention for Mail Communications, to be hosted in Atlantic City from April 29th-May 2nd.
Exhibitors will represent the latest and most innovative providers of mail technology, highlighting the following:
- Addressing & Inserting Systems
- Mail Processing Equipment
- Database & Postal Software
- Systems & Service Providers
- Distribution & Tracking Technology
- Intelligent Mail Barcode Compliance
Mailcom represents a fusion of "hands on" technology demos with keynote presentations by market leading executives. For registration information, please visit www.mailcom.org.
