Cumberland Farms Chooses Chesapeake

Integrated financial governance, risk and compliance software solutions provider Chesapeake System Solutions Inc. said Cumberland Farms Inc. has selected the Chesapeake IDM (Internet Data Manager) and SmartAnalysis with SmartAnalysis RM to help minimize risk and promote savings in the corporation’s treasury operations.

Canton, Mass.-based Cumberland Farms operates more than 1,000 locations from Maine to Florida.

Chesapeake’s IDM automates the retrieval and distribution of Internet financial data, which will give Cumberland Farms the ability to obtain bank account information files across virtually all its banking relationships.

SmartAnalysis with SmartAnalysis RM, a sophisticated tool that analyzes commercial bank fee data, automatically verifies application of negotiated discounts. The solution also offers key anti-fraud features by maintaining banking relationship data in a single place and allowing one-step editing of important account details, such as authorized signees.

“As a cash business, the daily retrieval and analysis of depository data are critical risk-management activities,” said John Daly, assistant treasurer at Cumberland Farms. “Obtaining daily BAI (bank account information) files from larger institutions was not an issue, however, we have an extensive subset of smaller banks that either could not provide this service on a daily basis or could not do so economically. Chesapeake IDM was a perfect fit for us, solving this dilemma simply and affordably while reducing our vulnerability.

“Our numerous banking relationships generate substantial bank fees,” Daly said. “It is not feasible for staff to review hundreds of bank statements to verify the appropriateness of monthly account charges. SmartAnalysis, coupled with IDM, overcomes this obstacle, automatically identifying incorrect fees and pinpointing unnecessary accounts or services. This powerful solution not only verifies charges are correct but also gives us the ability to accumulate usage data and benchmark our fees against industry standards—a clear path to greater savings in our banking activities.”

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