Software provides end-to-end collections and recovery.November 3, 2008 -
Targeting financial services industry, CACS® Enterprise includes mortgage processing support for loss mitigation and workout program evaluation, and foreclosure worksheets for property valuation and equity analysis. Dynamic scripting guides collectors through customer interview process, resulting in consistent customer treatment. Software also offers tools to facilitate conversion of existing charge-off accounts into CACS Enterprise and Recovery Accounting.
(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)
Original Press release
CGI GROUP INC.
1130 Sherbrooke Street
West Montréal, Québec, , H3A 2M8
Canada
CGI Helps Banks Manage Mortgage and Home Equity Losses and Foreclosures with Enhanced Collections Offering
Stock Market Symbols GIB.A (TSX) GIB (NYSE)
FAIRFAX, VA, Oct. 22 /- CGI Group Inc. (TSX: GIB.A; NYSE:, GIB), a leading provider of information technology and business process services, announces the launch of the newest version of their end-to end collections and recovery application, CACS(R) Enterprise, now with enhanced support for mortgage and home equity collections including loss mitigation and foreclosure evaluation and processing.
"In today's difficult credit environment, collections operations are experiencing a higher volume of delinquent and defaulting mortgage and home equity loans than ever before," said Jame Cofran, Senior Vice-President, CGI Global Banking & Financial Markets. "This latest release of CACS is focused on helping banks effectively manage the increased volume by automating processes that are still cumbersome, slow and manual in many operations."
A number of new features and functions have been added to CACS including mortgage processing support for loss mitigation and workout program evaluation, foreclosure worksheets for property valuation and equity analysis, and expanded support for customer level processing. In addition, the new release of CACS provides dynamic scripting to guide collectors through the customer interview process, resulting in more consistent customer treatment, as well as tools to simplify the conversion of existing charge-off accounts into CACS Enterprise and Recovery Accounting.
CGI's newest release builds upon the highly successful CACS Enterprise offering, which provides advanced workflow features necessary to maximize the effectiveness of an organization's collections and recovery treatments, optimize the deployment of collectors, effectively manage third parties and speed the collections of impaired accounts. By tightly integrating collections operations with recovery operations, regardless of whether they are managed in-house or through outside partners, organizations can reduce credit losses and minimize expenses.
For over 30 years, CGI has provided IT and business process services to financial institutions around the world including 21 of the top 25 U.S. banks and 45 of 50 top banks in the Americas and Europe. CGI banking-focused solutions include core banking, end-to-end wealth management, trade finance, business intelligence/data warehousing and customer relationship management. CACS has been implemented at more than 100 organizations worldwide, including seven of the top 10 U.S. banks and six of the top 10 banks worldwide, and numerous telecommunications, energy utilities, retailers and state and local governments.
About CGI
Founded in 1976, CGI Group Inc. is one of the largest independent information technology and business process services firms in the world. CGI and its affiliated companies employ approximately 27,000 professionals in over 100 offices across 16 countries. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in North America, Europe and India. CGI's annual revenue run rate stands at $3.8, billion and at June 30th, 2008, CGI's order backlog was $12.03 billion. CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices. Website: www.cgi.com.
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