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Carretek Signs Multi-Year Contract to Offshore Selected
Adjustments Management
Functions For US-Based Company
Offshoring costly day-two functionalities with imaged-base solutions
will help client improve customer service, reduce errors, and increase
efficiency
ORLANDO, FLORIDA, BAI TransPay Conference (May 04, 2005) — Carretek
LLC, a transformational business processing outsourcer for transaction
processing, announced today that it has been awarded a multi-year
agreement with a US-based company to offshore selected Adjustments
Management functions. These functions include providing an image-enabled,
automated adjustments process and providing enterprisewide management
of bank-to-bank adjustments (including Clearinghouses and Federal
Reserve Banks) as well as customer service requests.
Carretek is jointly owned by Carreker Corporation (a leading provider
of technology and consulting solutions for the financial services
industry: Nasdaq CANI) and Majesco Software Inc. (a subsidiary
of Mastek Limited, a leading global outsourcing company: National
Stock Exchange, India: MASTEK).
Adjustments and customer service requests are not only costly,
complex, and labor-intensive, but additionally they involve a variety
of steps requiring human intervention and resolution.
Through Carretek, this client, whose identity was not disclosed,
can now automate many aspects of the adjustments process, streamline
adjustment workflows and reduce costs by up to 40 percent. In addition,
the client has also selected Carretek to provide centralized, self-service
management of adjustments and customer service requests. By integrating
image archive, data repositories, all items data and microfilm
technology, this client can dramatically streamline the research
process and improve efficiency, thus reducing expenses and enhancing
customer service.
To ensure compliance with laws and regulations concerning customer
privacy, security, and timeliness of processing, Carretek has adopted
a key set of processes. First, regarding staffing and training,
Carretek has replicated the client's processes and controls as
much as possible, screening for the same characteristics and adopting
similar training regimens. Second, regarding control of customer
information, the Carretek process ensures that the information
is never resident in India, but remains under the control of the
client, with screened and trained staff having access to the information
only for the duration of the function being performed.
This same client has also selected Carretek to offshore other
key back office functions through other contracts executed since
August 2004. The previous agreements included offshoring another
set of transaction processing functions and check exceptions processing.
A key aspect of the agreement was the development of unique processes
and technology to process adjustments in near real-time, to guard
customer and company privacy, and to comply with regulatory deadlines
for processing timeliness. With Carretek, client information is
maintained onshore, while selected data entry and decisioning functions
are provided offshore. Carretek maintains governance and encryption
models to ensure full data security.
Bob Olson, President of Carretek, said, “By selecting Carretek
to offshore key Adjustments Management functions, this client is
again demonstrating a confidence in our ability to bring immediate
value to its organization. The savings achieved by offshoring these
functions allow the organization to redirect critical resources
toward core, mission-critical initiatives.”
Ketan Mehta, director of Carretek and co-founder of Mastek, said, “This
client has realized significant savings since we signed our first
agreement with them less than a year ago. Carretek continues to
demonstrate our deep domain expertise in business process outsourcing
and we’re extremely pleased that the client has extended
our relationship to include these key Adjustment Management functions.”
J. D. (Denny) Carreker, chairman and CEO of Carreker Corporation
said, “As the financial services market experiences new challenges
brought on by key factors such as competitive pressures and an
increasingly complex blended payments environment, they will look
for providers who not only understand business process outsourcing,
but who more importantly understand their business. As evidenced
by this latest extension of our relationship, our client has a
high level of confidence that Carretek understands their business
and can provide them with a strong return on investment, cost savings,
and improved operational efficiencies.”
About Carretek
Carretek was formed in May 2003 as a partnership between Carreker
Corporation and Mastek. For more information, visit www.carretek.com.
Carretek offers companies the opportunity to significantly reduce
costs while maintaining high quality standards for real time
and near real time payment and transaction operations by combining
domain expertise with state of the art information security,
imaging technology, process reengineering and the cost efficiencies
of a global workforce.
About Carreker Corporation
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.
About Mastek
Mastek, a US $ 91 million publicly held, global IT application
outsourcing company with global operations, that delivers cost
effective quality solutions as per the customized requirements
of Fortune 1000 organizations worldwide. With its principal offshore
delivery facility based at Mumbai, India, Mastek operates across
US, Europe, Japan and Asia Pacific regions. Incorporated in 1982,
Mastek has been in the forefront of technology, which along with
proven methodologies and processes, increase IT value generation
to its customers through onsite and offshore deliveries. For
more information, visit www.mastek.com.
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