- BISYS' Corporate Financial Solutions to Support Prudential's Alliance
Program -
NEW YORK, Feb. 17 /PRNewswire-FirstCall/ -- BISYS today announced that it
has signed a multi-year, multiple services agreement with Prudential Financial
Companies. Under the terms of the agreement, BISYS will provide administrative
support for Prudential's Alliance program and its more than 100,000
beneficiary accountholders. As a result, Prudential's Alliance program should
benefit from streamlined workloads in multiple departments, business process
efficiencies, expanded customer services, and streamlined financial reporting.
Having served accountholders for more than ten years, Prudential's
Alliance program offers beneficiaries interest-bearing checking accounts,
rather than lump-sum or recurring distribution of benefits. Alliance
customers, who have unrestricted access to their funds, earn competitive
interest from the day benefits are paid until the day funds are withdrawn from
their Alliance accounts.
Bill Neville, President of BISYS' Information Services group, reported,
"BISYS continually strives to deliver the advanced technology and support
companies need to proactively meet the market's changing demands. We
anticipate strong growth of Prudential's Alliance program and look forward to
helping this market-leading organization retain its competitive position as
well as achieve its profit and performance objectives."
About Prudential Financial Companies
Prudential Financial companies, with approximately $500 billion in total
assets under management as of December 31, 2004, serve individual and
institutional customers worldwide and include The Prudential Insurance Company
of America, one of the largest life insurance companies in the United States.
These companies offer a variety of products and services, including life
insurance, mutual funds, annuities, pension and retirement related services
and administration, asset management, securities brokerage, banking and trust
services, real estate brokerage franchises and relocation services. For more
information, visit http://www.prudential.com.
About BISYS Corporate Financial Solutions
Corporations wanting to raise additional capital, enter emerging markets,
and streamline inefficient financial processes look to BISYS for creative and
customized solutions. BISYS leverages its ABA-endorsed* banking platform and
almost 40-year industry experience to provide innovative account processing
and customer care services that support Health Savings Accounts (HSAs),
corporate money market accounts (CMMAs), retained asset accounts (RAAs) for
insurance companies, insured deposit solutions for brokerage firms, and
diverse other initiatives requiring banking capabilities. BISYS' high-demand
banking services are complemented by marketing, management, call center, and
regulatory services to help corporations increase efficiency and cost savings,
reduce risk, and protect company assets.
*The American Bankers Association (ABA), through its Corporation for
American Banking (CAB) subsidiary, exclusively endorses BISYS' core
information processing solution as the recommended solution for community
banks.
About BISYS
The BISYS Group, Inc. (NYSE: BSG) provides outsourcing solutions that
enable investment firms, insurance companies, and banks to more efficiently
serve their customers, grow their businesses, and respond to evolving
regulatory requirements. Its Investment Services group provides administration
and distribution services for mutual funds, hedge funds, private equity funds,
retirement plans and other investment products. Through its Insurance Services
group, BISYS is the nation's largest independent wholesale distributor of life
insurance and a leading independent wholesale distributor of commercial
property/casualty insurance, long-term care, disability, and annuity products.
BISYS' Information Services group provides industry-leading information
processing, imaging, and back-office services to banks, insurance companies
and corporate clients. Headquartered in New York, BISYS generates more than $1
billion in annual revenues worldwide. Additional information is available at
http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting The BISYS Group, Inc.'s operations, markets, services and
related products, prices and other factors discussed in The BISYS Group,
Inc.'s periodic filings with the Securities and Exchange Commission.
SOURCE BISYS Group, Inc.
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Related links:
http://www.bisys.com
http://www.prudential.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Bill Neville, President, BISYS' Information
Services Group, +1-781-829-8000; or Daniel Briggs, Vice
President, Finance and Investor Relations, +1-212-907-6134, both
for The BISYS Group, Inc.
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