HOUSTON (June 21, 2010) – Shaw Systems Associates Inc., the leading provider of business solutions to the lending industry, announced that Zions Bank has implemented Shaw’s RECOVERY product.
RECOVERY is now the system of record for all Zions bank subsidiaries for managing post charge-off accounts including Commercial, Consumer, Construction, Overdrafts, Mortgages, Leasing, Flooring, Bankcard, and Credit Lines.
Zions Bank needed to standardize current processes used by all of its affiliate banks to charge off loans, improve financial reporting and regulatory reporting requirements including future Basel mandates, and enable cradle to grave tracking of charge-offs. With RECOVERY, Zions will capture and analyze all credit product types as well as regulate accounting practices. Functionality includes customer tracking, accounting, workflow, queuing, statements, and reporting (tax, credit bureau, and portfolio).
RECOVERY is a comprehensive receivables management solution encompassing collections, accounting, and workflow. The product becomes the system of record for all account types and enables customers to maximize recoveries by targeting dollars at risk, improving process flows, and effectively managing agency relationships.
“RECOVERY’s service-oriented architecture will provide Zions with advanced business rules management, reduced integration expenses, and increased business agility,” said Vice President and Zions Relationship Manager Bill Schwartz.
Zions Bancorporation, with assets of approximately $53.3 billion, is one of the nation’s premier financial services companies, operating approximately 500 offices in 10 Western and Southwestern states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, and Washington. The company is a national leader in Small Business Administration lending and public finance advisory services.