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Building a Strong Community

I f you attended the BAI's Transaction Processing Conference in Orlando in early April, you may have had the opportunity to see Thomson Financial Publishing launch their new FinancialGO.net community. The community is a network to automate the exchange of data within the financial services industry.

The Financial Global Operations Network (www.FinancialGO.net) is a secure and private network designed to improve the operational efficiency of financial institutions through automated information exchange. FinancialGO.net will serve as the host for various communities that provide solutions to operational areas within the financial services industry.

The first community launched is the Adjustments Community, with Chase Manhattan Bank as the lead member. The Adjustments Community automates the exchange of adjustment case information between financial institutions. Large volumes of information can be shared using an interface to a bank's current legacy case-management system. Smaller volumes of case information can be transmitted through a Web-based system. The Adjustments Community uses XML-based data-mapping programs to translate the information into a neutral format for redistribution in a variety of formats, including automatic uploads into existing case management systems and reports.

"On average, large financial institutions spend $1.5 million a year on adjustments. Automating the process through FinancialGO.net's Adjustments Community can save large and small financial institutions a substantial percentage of their costs each year," said David James, vice chairman, Financial Global Operations Network.

"The Adjustments Community generates tremendous cost efficiencies for member financial institutions," James continued. "We encourage all financial institutions-large and small-to join the network and benefit from its economies of scale."

Thomson Financial Publishing, a division of Thomson Financial's Banking, Insurance & E-Commerce Group, is a provider of financial institution information. As official routing number registrar for the American Bankers Association, TFP issues, retires and maintains a record of all U.S. routing number assignments. For more information, visit Thomson Financial Publishing on the Internet at www.tfp.com or call (847) 676-9600.