Webster Bank Implements Hummingbird Enterprise for Contract and Compliance Management

Hummingbird Enterprise for Contract Management provides organizations with a secure, Web based environment for real-time access to their contract data and offers automation support across all contract management lifecycle stages.

Hummingbird, a provider of integrated enterprise content management (ECM) and network connectivity solutions, recently announced that Webster Bank, N.A., a subsidiary of Webster Financial Corp., has implemented Hummingbird Enterprise for Contract Management to automate the contract lifecycle process in its Information Technology (IT) department.

Hummingbird Enterprise for Contract Management is a packaged solution built on the Hummingbird Enterprise ECM platform. It provides organizations with a secure, Web based environment for real-time access to their contract data and offers automation support across all contract management lifecycle stages from creation through negotiation to maintenance.

Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 157 banking offices, 304 ATMs, telephone banking and the Internet. The IT group at Webster Bank is using Hummingbird Enterprise and Hummingbird BI, Hummingbird's query, analysis and reporting product, to manage its IT contracts.

Hummingbird Enterprise for Contract Management is not only a repository for Webster's IT contracts, but also keeps IT users informed of important renewal, expiration and decision dates associated with those contracts. Users can sort, categorize, search, classify by risk, and be notified of critical dates prior to contract renewal or termination. This allows the IT department to contribute to Webster's overall compliance position and improve workflow efficiency.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.