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Paula Oxner
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Benefits Payment Outsourcing Takes Burden Off Financial-Services Firms New Genesys service handles labor-intensive processing and distribution of lump-sum and periodic pension, annuity, and disability disbursements for large financial institutions METHUEN, Mass. — March 20, 2000 —Genesys, the Methuen, Mass.-based provider of outsourcing services and software for benefits, payroll, and human-resource management, today introduced the Genesys Benefits Payment outsourcing service. The service will relieve financial-services firms of the burden of managing, processing, and distributing lump-sum and periodic pension, annuity, and disability disbursements, thereby enabling the firms to streamline their operations, reduce costs, and concentrate on strategic business activities. "Genesys has a proven track record in handling critical, high-volume transactions such as benefits and payroll payments. In fact, one Genesys client processes 1.2 million transactions a month," said Leo Kraunelis, director of business development for Genesys. "In today's rapidly changing e-business environment, more and more companies are exploring the business value of outsourcing non-core competencies. It's only logical for us to leverage our outsourcing-services expertise by rolling out Genesys Benefits Payment outsourcing to large institutions that manage disbursements." Outsourcing Clients Bypass Cumbersome, Costly Processes The legacy payment systems in use at most financial-services firms today lock those companies into antiquated processes that are labor-intensive, time consuming, and only approach cost-effectiveness when huge volumes — in the region of hundreds of thousands — of disbursements are being made. By embracing new technology such as web applications that enable direct input of information, and by relying on outsourcing to handle the most cumbersome activities, institutions can streamline their disbursement processes and decrease operational-support requirements 20 to 25 percent or more. Genesys Benefits Payment outsourcing provides a "private label" web application (i.e., Genesys web software that is customized to reflect the corporate identify of the customer) with an easy-to-use interface. Information is entered directly into the Genesys Benefits Payment system without the need for paperwork and the inefficient crosschecks required when information must be passed back and forth to third parties for data entry. Payments are processed within a day of the information's being entered. Genesys outsourcing customers do not need to host a payment application, maintain a database or server, or process and distribute checks. By reducing turnaround time and providing on-line access, the Genesys outsourcing service enables plan sponsors to enhance customer service and improve relationships with plan participants. "In short," said Kraunelis, "Genesys' innovative web interface and self-service portal enhance efficiency and customer service, while our customized outsourcing and hosting services reduce operational expense. Benefits outsourcing enables our customers to provide real-time 24x7 customer and self service, all with a 'best of breed' application." Pricing and Availability The Genesys Benefits Payment outsourcing solution is available immediately and can be deployed in less than three months. The service fee varies based on the number and type of payments, with periodic payments averaging $1.20 — a dramatic reduction in cost compared with most alternative processing methods. Genesys offers the service on a fixed-fee basis, so customers can easily budget the cost up front. More information about Genesys Benefits Payment outsourcing may be obtained by calling 978-685-5400, or by sending email to solutions@genesysHCM.com. About Genesys Genesys provides thousands of organizations, including many Fortune 1000 firms, with powerful human-resource management, payroll, and benefits solutions. These are available to customers through the industry's only full-service outsourcing option or as licensed software applications. Genesys' corporate headquarters are located at 5 Branch Street, Methuen, Massachusetts 01844-1999. ### Trademarks and registered trademarks referenced herein remain the property of their respective owners. - Back to Top - Copyright © 2000 -
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