Aetna Selects Chesapeake’s T-Recs Enterprise for Global Treasury Operations

Multi-Monetary Unit, Workflow Management and Reporting Capabilities Drive Aetna’s Decision Making

OWINGS MILLS, Md.--(BUSINESS WIRE)--Chesapeake System Solutions, Inc.® (www.chessys.com), a premier provider of integrated financial governance, risk and compliance software solutions to the world’s foremost enterprises, announced today that Aetna, Inc., a leader in health care, dental, pharmacy, group life and disability insurance and employee benefits, has selected T-Recs® Enterprise to automate reconciliation of its global accounts. Following an extensive search process, Aetna determined that T-Recs Enterprise met the requirements of its business units.

T-Recs Enterprise, which stands for Total Reconciliation Solution, is an all-in-one software application that allows firms to reconcile the entire balance sheet and meet their financial governance, enterprise risk and compliance needs in an integrated solution. With T-Recs Enterprise, companies generate more timely and accurate financial data; manage pertinent regulatory requirements; automate internal control enforcement; and better control their financial cycles. The unprecedented flexibility of T-Recs Enterprise makes it the ideal solution for companies large and small, national and international, regardless of current operating platform.

Ken McClellan, Project Manager, AIS Corporate Program Delivery, says, “Through acquisitions, Aetna’s Treasury Operations unit became responsible for several foreign currency accounts that staff could only reconcile with manual conversions to U.S. dollars. Aetna needed a system with a global monetary unit capability to automate foreign account reconciliation. T-Recs Enterprise possessed the functionality needed to reconcile accounts in any currency and across currencies and automatically import exchange rates. T-Recs Enterprise met our requirements, and the staff of Chesapeake has been very receptive to improvements that we have suggested.”

Kathleen B. Wynn, Senior Vice President, Chesapeake System Solutions, says, “Increasingly firms such as Aetna operate in a global marketplace and require solutions that transcend geopolitical boundaries, language and currency considerations. In bringing T-Recs Enterprise to the marketplace we sought to differentiate our application as an all-in-one solution offering advanced features compatible with global operations and incorporating all the functionality needed for both review-and-approval and account matching. T-Recs Enterprise is the ideal solution: affordable, robust, feature-rich and customizable to the way firms individually structure their business processes.”

About Aetna

Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 37.2 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, and medical management capabilities and health care management services for Medicaid plans. Aetna’s customers include employer groups, individuals, college students, part-time and hourly workers, health plans, governmental units, government-sponsored plans, labor groups and expatriates. www.aetna.com

About Chesapeake System Solutions, Inc.

Chesapeake System Solutions is an industry leader in providing integrated software solutions that simplify the complexities of financial and treasury management operations. Headquartered in Owings Mills, Maryland, Chesapeake provides integrated financial governance, risk and compliance solutions to the world’s foremost enterprises. Chesapeake’s integrated suite of software solutions brings visibility and control to the processes of balance sheet reconciliation, risk management and compliance, while intuitive design features simplify financial data reporting, workflow management, financial oversight and close. Since 1993, Chesapeake’s applications have helped national and international organizations of every size improve productivity, lower costs and document compliance with Sarbanes-Oxley, PCI Standards and other regulations. For more information about Chesapeake and its solutions, please visit www.chessys.com or call 410-356-6805.