Headlines:
Bisys Submits Earnings on Time
Bisys Group Inc. said Monday that it had submitted its earnings for fiscal 2003 to the Securities and Exchange Commission, meeting a late-filing deadline of Sept. 28.
The New York financial services outsourcing provider had reported earlier this month that it would not file its earnings on time after an employee raised questions about an upcoming audit. That prompted an internal investigation into the company's fund services business unit.
Russ Fradin, the president and chief executive, said the investigation is now complete and that the audit's SAS 70 report will be issued this week.
Bisys has had a string of financial missteps this year. In June it restated its earnings going back to 2001 to correct overestimates of sales commission in its insurance operations. The writedown, including lower earnings and adjustments to its balance sheet, was more than $100 million.
In August, Bisys said it would lose two major fund processing clients, Bank One Corp. and J.P. Morgan Chase & Co. Bank One was acquired by J.P. Morgan Chase in July, and the combined company has decided to take the work in-house.
VectorSGI to Use Orbograph
VectorSGI Inc. will resell check image recognition software from the Orbograph unit of Orbotech Ltd., the companies said Tuesday.
Sydney Smith Hicks, VectorSGI's chief executive, said in a press release that the arrangement will give VectorSGI customers "improved accuracy and image quality." The company expects to install the first Orbotech software package in November.
Joseph Gregory, Orbograph's vice president of strategic sales, said in an interview that the Billerica, Mass., company will also consult VectorSGI on "some of the more technical sales environments."
VectorSGI, of Addison, Tex., sells software that captures and analyzes check images. Those products will be bundled with Orbograph's.
Orbograph's software will be used with an image quality analysis product and a fraud detection product. Some of the software will be used to enhance the check scanner's camera.
