North America Bytes

Victory Capital Management selects BISYS to support its private labeled Individual(k) retirement plan; Whitaker Bank Corporation of Kentucky implements a core processing solution from Precision Computer Systems; VirtualBank selects a workflow product from Ultimus to enhance internal efficiency and productivity.

Cleveland-based Victory Capital Management has selected BISYS to support its new, private labeled Individual(k) retirement plan.

The BISYS solution provides Victory with full-service record keeping and administration services, including product training, plan installation, professional advisor communications, and dedicated Web sites for plan participants and inquiring business owners.

BISYS currently provides the industry's only turnkey solution for Individual(k) plans, the retirement savings alternative that became available for small business owners under the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). BISYS provides every record keeping and administrative function financial services firms need to enter and compete in this new market, including IRS-approved prototype plan documents, on-site training, client-branded marketing and educational materials, and customized Web content and tools.

"Since 1997, BISYS has supported the unique record keeping and administrative requirements of our traditional 401(k) offering," said Chris Dyer, managing director of Victory Capital Management."We are now very pleased to enter this dynamic new retirement market backed by BISYS' proven commitment to quality service and innovative, technology-based services. We believe BISYS' turnkey Individual(k) solution will be a strategic, growth-enabling component of our success supporting small business owners with this new retirement savings solution."

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Whitaker Bank Corporation of Kentucky (WBC), a $1.2 billion bank holding company, has implemented Vision, a core processing solution from South Dakota-based Precision Computer Systems (PCS), to manage the processing of their six member banks.

WBC centralizes their operations through their data center in Lexington, Ky., which enables them to achieve operating efficiencies company wide. Since converting to Vision, WBC has reduced their daily processing time significantly.

"These types of improved efficiencies will allow us to pursue our growth initiatives and control staff additions," said WBC's Tom Hinkebein, chief technology and operations officer. "Employees can now operate more efficiently with better information to make decisions and deliver services to customers."

WBC plans to expand its range of electronic products and services to target the growing needs of business and retail customers. This will include the implementation of PCS's Internet Banking and Bill Payment in third quarter 2002.

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VirtualBank has selected a workflow product from Cary, N.C.-based Ultimus to enhance internal efficiency and productivity.

The Ultimus Workflow Suite is a highly flexible, Internet-enabled solution for business process automation. VirtualBank has deployed the Ultimus Workflow Suite in several key divisions, including automobile lending and mortgage services, where it streamlines key business processes in Internet time to enhance response time to customer inquiries and requests.

Currently, VirtualBank deploys the Ultimus Workflow Suite in its corporate office to automate deposits and credit card approvals. The company also utilizes the platform in its automobile lending and mortgage services departments, where it enables the company to quickly respond to all customer loan requests. At traditional banks, these processes are typically paper intensive and require communication between several different departments before each customer request is resolved. Using the Ultimus platform, VirtualBank creates a paperless office, which allows it to improve efficiency and significantly decrease the time it takes to respond and resolve each customer inquiry.

"The Ultimus Workflow Suite is the most complete and robust workflow platform on the market. This, along with its ability to easily integrate with our existing databases, makes it the ideal solution," said William M. Decker, president of VirtualBank. "The Ultimus Workflow platform lets us build on our successful track record of customer service by giving us the capability to respond to the needs of our customers with unprecedented speed and accuracy."