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 /PRNewswire-FirstCall/ - 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.
SOURCE CGI GROUP INC.
Investors: Lorne Gorber, Vice-President, Global Communications and Investor
Relations,(514) 841-3355, lorne.gorber@cgi.com; Media: Lee LoPriore, Executive
Consultant, Global Banking and Financial Markets, (843) 881-2441,
lee.lopriore@cgi.com
