Chesapeake System Solutions Secures Bottom-Line Savings for Security Finance Corporation of Spartanburg

Business Wire, Dec 18, 2001

Business Editors/Hi-Tech Writers

OWINGS MILLS, Md.--(BUSINESS WIRE)--Dec. 18, 2001

Chesapeake's software saves time and labor costs for a large

South Carolina consumer loan company.

Chesapeake System Solutions, Inc.(TM) announced today that Security Finance Corporation of Spartanburg ("SFC") has purchased Chesapeake's Unclaimed Property Compliance System (UPCS)(TM) and Total Reconciliation Solution (T-Recs)(TM) software solutions.

SFC is a consumer loan company that employs more than 2,200 people across 800 offices throughout sixteen states.

With UPCS and T-Recs, both Windows(TM)-based solutions, SFC now has automated tools for tracking their assets and tracking their staff's productivity. UPCS tracks unclaimed property, reports on unclaimed holdings and keeps up-to-date databases of ever-changing regulatory information.

While T-Recs helps companies achieve greater control over their entire banking operations by easily verifying and matching account transactions including: depository, disbursement and credit/debit card accounts; gift certificates, accounts receivable and expense accounts; Federal Reserve, correspondence and operational accounts; bank/corporate ARP and ledger-to-ledger accounts; as well as e-commerce transactions and inter-company transfers.

With T-Recs, companies can consolidate bank accounts and reduce associated fees, as well as maintain and move funds more accurately in and out of bank accounts.

"We deal with almost 900 bank branches - each with individual depository accounts - and 700,000 customers. From a reconciliation and auditing standpoint, managing those relationships was an extremely labor intensive process. With Chesapeake's software solutions we can continue to grow without having to hire more people to manage those functions," says Greg Williams, CFO at SFCs. "We'll save both time and money and those savings will have a definite impact on our bottom line."

Both T-Recs and UPCS are designed to interface with virtually any system used by a corporation including such tools as MS Access, MS Excel, Lotus, Crystal Reports, text files and mainframe legacy systems.

And aside from advanced tracking and reporting capabilities, UPCS also offers the most complete, most accurate and most timely information about compliance regulatory obligations and reporting requirements for all 53 U.S. jurisdictions.

T-Recs takes automation one-step further than simply automating the collection, import and matching of data by identifying and researching the true exceptions until each and every one is resolved.

"The combination of T-Recs and UPCS provides SFC with the ability to automate a transaction from initiation to clearing," says Kathleen Wynn, Vice President of Chesapeake. "No other product offerings on the market can provide the financial control that Chesapeake's products do."

About Chesapeake System Solutions, Inc.

Chesapeake System Solutions, Inc. serves the retail, insurance, state government, Fortune 500, and banking industries, offering full end-to-end account reconciliation and unclaimed property reporting solutions.

Chesapeake specializes in researching, developing and supporting innovative software designed to give businesses financial control over their corporate assets and meet enterprise-wide demands and challenges.

About Security Finance Corporation, Inc.

Security Finance Corporation (SFC) is a consumer loan company headquartered in Spartanburg, S.C. The first Security Finance office opened in 1955 in Spartanburg. Now, Security Finance and its affiliated companies employ more than 2,200 people in over 800 offices in 16 states and serve more than 700,000 customers.