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| Carreker
Contacts: |
Mastek
Contact: |
Ann
Cain
Strategic Communications Director
972-371-1748
acain@carreker.com
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Sanjay
Mudnaney
Senior Manager Corporate Communications
91 -22- 28247745
sanjaym@mastek.com |
Lisa
Peterson
Chief Financial Officer
972-371-1454
lpeterson@carreker.com
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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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