Page All:
Page 1
Boston Private Bank & Trust Company "Goes Live" on CapitalStream Straight Through Processing Solution
$3.2 Billion Bank Achieves On-Budget and On-Time Implementation
SUNNYVALE, California and NOIDA, India, August 17, 2010-- HCL Technologies, a leading global provider of software-led solutions,
infrastructure management and BPO services, announced Boston Private Bank &
Trust Company has successfully implemented the CapitalStream(TM) "Straight
Through Processing" (http://www.hcltech.com/capitalstream) (STP) solution.
CapitalStream was selected by the Boston Private Bank for
its proven track record of success along and ability to automate and
integrate into existing systems and functions throughout the lending process,
providing faster and easier access to information. HCL's well-formed and
highly detailed implementation plan and its ability to lead the
implementation was appealing, as Boston Private Bank had limited internal
resources to handle a project of this size and scope.
CapitalStream is an integrated software platform enabling commercial
banks and finance companies to implement Straight Through Processing across
lending and leasing portfolios. CapitalStream has revolutionized lending by
integrating and automating sales, origination, credit, decisioning,
documentation, funding, booking and account monitoring. CapitalStream is a
core component of HCL FinanceSolution(TM), a suite of software platforms,
best practice methodologies and business transformation services specifically
designed for lending and leasing including specialized configurations of
enterprise solutions for CRM, content management, business intelligence and
more.
Boston Private Bank implemented the CapitalStream "Best Practice Model,"
which incorporates standard business processes required to support front
office operations. The system is delivered with a core set of workflows,
checklists, documents, reports, and flexible configuration capabilities,
providing the ability to customize the platform to support Boston Private
Bank's unique requirements. The model and subsequent implementation plan have
been developed utilizing HCL's industry experience and direct input from
existing customers.
"Configurability of the system by bank staff was a critical requirement
for the selected platform, and where CapitalStream differentiated itself from
the competition," commented Neal O'Hurley, Sr. Vice President and Chief
Credit Officer for Boston Private Bank. "With CapitalStream, we now have a
single system to handle the underwriting, approval and monitoring of standard
and complex loans."
The project began last September with three core members of the
implementation team - a project manager, a credit administrator and an
executive sponsor. Resources were pulled from different areas of the bank as
needed, with no more than seven people working on the project at any given
time. Other than the project manager who dedicated the majority of his time
to the project, and the system admin (credit administration manager) who was
fully dedicated on several occasions, it wasn't necessary for anyone else at
the Bank to commit more than 50 percent of their time to the implementation.
"HCL provided a realistic implementation timetable and very clearly
defined the benchmarks that needed to be achieved prior to moving to the next
step," stated Tim Rowell, Project Manager for Boston Private Bank.
"Communication both internally and with HCL was key to our success. We had a
daily call with the involved parties so everyone was on the same page and any
issues could be resolved on an ongoing basis."
"We are very pleased to have another successful on-time and on-budget
midsize bank implementation," states Mike Pennell, Vice President, HCL
CapitalStream Lending Group. "By implementing the CapitalStream "Best
Practice" model, Boston Private Bank gets the best of both worlds - industry
leading best practices that can adapt to their specific needs and easy
accommodation for future growth and expansion."
About HCL
HCL is a $5 billion leading global Technology and IT Enterprise that
comprises two companies listed in India - HCL Technologies & HCL Infosystems.
Founded in 1976, HCL is one of India's original IT garage start-ups, a
pioneer of modern computing, and a global transformational enterprise today.
Its range of offerings spans Product Engineering, Custom & Package
Applications, BPO, IT Infrastructure Services, IT Hardware, Systems
Integration, and distribution of ICT products across a wide range of focused
industry verticals. The HCL team comprises over 64,000 professionals of
diverse nationalities, who operate from 26 countries including over 500
points of presence in India. HCL has global partnerships with several leading
Fortune 1000 firms, including leading IT and Technology firms. For more
information, please visit http://www.hcl.in.
About HCL Technologies
HCL Technologies is a leading global IT services company, working with
clients in the areas that impact and redefine the core of their businesses.
Since its inception into the global landscape after its IPO in 1999, HCL
focuses on 'transformational outsourcing', underlined by innovation and value
creation, and offers integrated portfolio of services including software-led
IT solutions, remote infrastructure management, engineering and R&D services
and BPO. HCL leverages its extensive global offshore infrastructure and
network of offices in 26 countries to provide holistic, multi-service
delivery in key industry verticals including Financial Services,
Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes
pride in its philosophy of 'Employee First' which empowers our 64,557
transformers to create a real value for the customers. HCL Technologies,
along with its subsidiaries, had consolidated revenues of US$ 2.7 billion
(Rs. 12,565 crores), for the year ended on 30th June 2010. For more
information, please visit http://www.hcltech.com.
Forward-looking Statements
Certain statements in this release are forward-looking
statements, which involve a number of risks, uncertainties, assumptions and
other factors that could cause actual results to differ materially from those
in such forward-looking statements. All statements, other than statements of
historical fact are statements that could be deemed forward-looking
statements, including but not limited to the statements containing the words
'planned,' 'expects,' 'believes,' 'strategy,' 'opportunity,' 'anticipates,'
'hopes' or other similar words. The risks and uncertainties relating to these
statements include, but are not limited to, risks and uncertainties regarding
impact of pending regulatory proceedings, fluctuations in earnings, our
ability to manage growth, intense competition in IT services, Business
Process Outsourcing and consulting services including those factors which may
affect our cost advantage, wage increases in India, customer acceptances of
our services, products and fee structures, our ability to attract and retain
highly skilled professionals, our ability to integrate acquired assets in a
cost effective and timely manner, time and cost overruns on fixed-price,
fixed-time frame contracts, client concentration, restrictions on
immigration, our ability to manage our international operations, reduced
demand for technology in our key focus areas, disruptions in
telecommunication networks, our ability to successfully complete and
integrate potential acquisitions, the success of our brand development
efforts, liability for damages on our service contracts, the success of the
companies /entities in which we have made strategic investments, withdrawal
of governmental fiscal incentives, political instability, legal restrictions
on raising capital or acquiring companies outside India, and unauthorized use
of our intellectual property, other risks, uncertainties and general economic
conditions affecting our industry. There can be no assurance that the
forward-looking statements made herein will prove to be accurate, and
issuance of such forward-looking statements should not be regarded as a
representation by the Company, or any other person, that the objective and
plans of the Company will be achieved. All forward-looking statements made
herein are based on information presently available to the management of the
Company and the Company does not undertake to update any forward-looking
statement that may be made from time to time by or on behalf of the Company.
About Boston Private Bank & Trust Company
Established in 1987, Boston Private Bank offers deposit and cash
management services, residential mortgages, investment management and trust
services, and commercial banking for both individuals and businesses. The
Bank is a leader in residential lending and provides commercial banking
services to many of New England's leading small and mid-size corporations.
Under its Accessible Banking program, the Bank is an active provider of real
estate financing for affordable housing, economic development, and small
businesses. Boston Private Bank's investment management emphasis is on mid to
large cap equity and actively managed fixed income portfolios. For further
information, visit http://www.bostonprivatebank.com.
For More Information, Contact:
Geoff Merten
Marketing Communications, HCL CapitalStream
+1-949-930-1655
geoff.merten@hcl.in
Kirsten Paragona
Director of External Communications, HCL America
+1-857-350-5393
kparagona@hcl.in
Danielle Millerick
BluePoint Venture Marketing for HCL
+1-781-861-7800
Danielle@bluepointmktg.com
Source: HCL Technologies
For More Information, Contact: Geoff Merten, Marketing Communications, HCL CapitalStream, +1-949-930-1655, geoff.merten@hcl.in; Kirsten Paragona, Director of External Communications, HCL America, +1-857-350-5393, kparagona@hcl.in; Danielle Millerick, BluePoint Venture Marketing for HCL, +1-781-861-7800, Danielle@bluepointmktg.com
Boston Private Bank & Trust Company "Goes Live" on CapitalStream Straight Through Processing Solution
$3.2 Billion Bank Achieves On-Budget and On-Time Implementation
SUNNYVALE, California and NOIDA, India, August 17, 2010-- HCL Technologies, a leading global provider of software-led solutions,
infrastructure management and BPO services, announced Boston Private Bank &
Trust Company has successfully implemented the CapitalStream(TM) "Straight
Through Processing" (http://www.hcltech.com/capitalstream) (STP) solution.
CapitalStream was selected by the Boston Private Bank for
its proven track record of success along and ability to automate and
integrate into existing systems and functions throughout the lending process,
providing faster and easier access to information. HCL's well-formed and
highly detailed implementation plan and its ability to lead the
implementation was appealing, as Boston Private Bank had limited internal
resources to handle a project of this size and scope.
CapitalStream is an integrated software platform enabling commercial
banks and finance companies to implement Straight Through Processing across
lending and leasing portfolios. CapitalStream has revolutionized lending by
integrating and automating sales, origination, credit, decisioning,
documentation, funding, booking and account monitoring. CapitalStream is a
core component of HCL FinanceSolution(TM), a suite of software platforms,
best practice methodologies and business transformation services specifically
designed for lending and leasing including specialized configurations of
enterprise solutions for CRM, content management, business intelligence and
more.
Boston Private Bank implemented the CapitalStream "Best Practice Model,"
which incorporates standard business processes required to support front
office operations. The system is delivered with a core set of workflows,
checklists, documents, reports, and flexible configuration capabilities,
providing the ability to customize the platform to support Boston Private
Bank's unique requirements. The model and subsequent implementation plan have
been developed utilizing HCL's industry experience and direct input from
existing customers.
"Configurability of the system by bank staff was a critical requirement
for the selected platform, and where CapitalStream differentiated itself from
the competition," commented Neal O'Hurley, Sr. Vice President and Chief
Credit Officer for Boston Private Bank. "With CapitalStream, we now have a
single system to handle the underwriting, approval and monitoring of standard
and complex loans."
The project began last September with three core members of the
implementation team - a project manager, a credit administrator and an
executive sponsor. Resources were pulled from different areas of the bank as
needed, with no more than seven people working on the project at any given
time. Other than the project manager who dedicated the majority of his time
to the project, and the system admin (credit administration manager) who was
fully dedicated on several occasions, it wasn't necessary for anyone else at
the Bank to commit more than 50 percent of their time to the implementation.
"HCL provided a realistic implementation timetable and very clearly
defined the benchmarks that needed to be achieved prior to moving to the next
step," stated Tim Rowell, Project Manager for Boston Private Bank.
"Communication both internally and with HCL was key to our success. We had a
daily call with the involved parties so everyone was on the same page and any
issues could be resolved on an ongoing basis."
"We are very pleased to have another successful on-time and on-budget
midsize bank implementation," states Mike Pennell, Vice President, HCL
CapitalStream Lending Group. "By implementing the CapitalStream "Best
Practice" model, Boston Private Bank gets the best of both worlds - industry
leading best practices that can adapt to their specific needs and easy
accommodation for future growth and expansion."
About HCL
HCL is a $5 billion leading global Technology and IT Enterprise that
comprises two companies listed in India - HCL Technologies & HCL Infosystems.
Founded in 1976, HCL is one of India's original IT garage start-ups, a
pioneer of modern computing, and a global transformational enterprise today.
Its range of offerings spans Product Engineering, Custom & Package
Applications, BPO, IT Infrastructure Services, IT Hardware, Systems
Integration, and distribution of ICT products across a wide range of focused
industry verticals. The HCL team comprises over 64,000 professionals of
diverse nationalities, who operate from 26 countries including over 500
points of presence in India. HCL has global partnerships with several leading
Fortune 1000 firms, including leading IT and Technology firms. For more
information, please visit http://www.hcl.in.
About HCL Technologies
HCL Technologies is a leading global IT services company, working with
clients in the areas that impact and redefine the core of their businesses.
Since its inception into the global landscape after its IPO in 1999, HCL
focuses on 'transformational outsourcing', underlined by innovation and value
creation, and offers integrated portfolio of services including software-led
IT solutions, remote infrastructure management, engineering and R&D services
and BPO. HCL leverages its extensive global offshore infrastructure and
network of offices in 26 countries to provide holistic, multi-service
delivery in key industry verticals including Financial Services,
Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes
pride in its philosophy of 'Employee First' which empowers our 64,557
transformers to create a real value for the customers. HCL Technologies,
along with its subsidiaries, had consolidated revenues of US$ 2.7 billion
(Rs. 12,565 crores), for the year ended on 30th June 2010. For more
information, please visit http://www.hcltech.com.
Forward-looking Statements
Certain statements in this release are forward-looking
statements, which involve a number of risks, uncertainties, assumptions and
other factors that could cause actual results to differ materially from those
in such forward-looking statements. All statements, other than statements of
historical fact are statements that could be deemed forward-looking
statements, including but not limited to the statements containing the words
'planned,' 'expects,' 'believes,' 'strategy,' 'opportunity,' 'anticipates,'
'hopes' or other similar words. The risks and uncertainties relating to these
statements include, but are not limited to, risks and uncertainties regarding
impact of pending regulatory proceedings, fluctuations in earnings, our
ability to manage growth, intense competition in IT services, Business
Process Outsourcing and consulting services including those factors which may
affect our cost advantage, wage increases in India, customer acceptances of
our services, products and fee structures, our ability to attract and retain
highly skilled professionals, our ability to integrate acquired assets in a
cost effective and timely manner, time and cost overruns on fixed-price,
fixed-time frame contracts, client concentration, restrictions on
immigration, our ability to manage our international operations, reduced
demand for technology in our key focus areas, disruptions in
telecommunication networks, our ability to successfully complete and
integrate potential acquisitions, the success of our brand development
efforts, liability for damages on our service contracts, the success of the
companies /entities in which we have made strategic investments, withdrawal
of governmental fiscal incentives, political instability, legal restrictions
on raising capital or acquiring companies outside India, and unauthorized use
of our intellectual property, other risks, uncertainties and general economic
conditions affecting our industry. There can be no assurance that the
forward-looking statements made herein will prove to be accurate, and
issuance of such forward-looking statements should not be regarded as a
representation by the Company, or any other person, that the objective and
plans of the Company will be achieved. All forward-looking statements made
herein are based on information presently available to the management of the
Company and the Company does not undertake to update any forward-looking
statement that may be made from time to time by or on behalf of the Company.
About Boston Private Bank & Trust Company
Established in 1987, Boston Private Bank offers deposit and cash
management services, residential mortgages, investment management and trust
services, and commercial banking for both individuals and businesses. The
Bank is a leader in residential lending and provides commercial banking
services to many of New England's leading small and mid-size corporations.
Under its Accessible Banking program, the Bank is an active provider of real
estate financing for affordable housing, economic development, and small
businesses. Boston Private Bank's investment management emphasis is on mid to
large cap equity and actively managed fixed income portfolios. For further
information, visit http://www.bostonprivatebank.com.
For More Information, Contact:
Geoff Merten
Marketing Communications, HCL CapitalStream
+1-949-930-1655
geoff.merten@hcl.in
Kirsten Paragona
Director of External Communications, HCL America
+1-857-350-5393
kparagona@hcl.in
Danielle Millerick
BluePoint Venture Marketing for HCL
+1-781-861-7800
Danielle@bluepointmktg.com
Source: HCL Technologies
For More Information, Contact: Geoff Merten, Marketing Communications, HCL CapitalStream, +1-949-930-1655, geoff.merten@hcl.in; Kirsten Paragona, Director of External Communications, HCL America, +1-857-350-5393, kparagona@hcl.in; Danielle Millerick, BluePoint Venture Marketing for HCL, +1-781-861-7800, Danielle@bluepointmktg.com