ABN AMRO Licenses Magnet's iBANK Suite for Comprehensive Web-Based Cash Management and Image Delivery.ATLANTA--(BUSINESS WIRE)--Dec. 16, 1998-- World's 8th Largest Bank Looks to Magnet's Next-Generation Solution for Increased Efficiency, Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 Compliance and Improved Products and Services for its North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Corporate Clients Magnet, the Internet Business Banking Authority (www.magnetbanking.com), announced today it has licensed its iBank Suite of secure web-based cash management and image delivery solutions to worldwide banking leader ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) . Rather than updating its current DOS-based solution to meet Y2K compliance requirements Compliance requirements are a series of directives established by United States Federal government agencies that summarize hundreds of Federal laws and regulations applicable to Federal assistance (also known as Federal aid or Federal funds). , ABN AMRO has leveraged this opportunity to take advantage of the latest web-based cash management and image delivery technology to provide its North American corporate clients with greater access to and control over their corporate finances. After an intensive evaluation of potential solutions, ABN AMRO selected Magnet's iBank Suite(tm) because it offers a full range of products and services, and it has proved successful with a number of the nation's largest financial institutions. Another important factor in this decision was Magnet's commitment to expedient implementation and ongoing support, allowing the bank to bring products to market quickly and with minimal impact on current business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . An advanced information delivery system, iBank enables banks to provide cost effective cash management services to their business customers via the Internet delivery channel or through a private network environment. Modules within the iBank Suite include automated clearinghouse payments, balance reporting, bank draft, book transfer services, controlled disbursement Controlled disbursement A service that provides for a single presentation of checks each day (typically in the early part of the day). , foreign exchange rate reporting, money market rate reporting, money transfer and positive pay services. "When we looked at providers, we found that there were many vendors that understood the technology, but they lacked the cash management expertise, or they did not have proven products, nor had they worked with other banks in implementing solutions," said Cynthia Murray, senior vice president and director, Commercial Product Management, ABN AMRO. "Magnet had a full suite of integrated products, and they understood cash management." Built on a foundation of more than a century of corporate cash management experience, Magnet is committed to providing its clients with the industry's most comprehensive web-based cash management and business solutions. Magnet also provides the highest level of ongoing service and support to allow its clients to maximize those solutions for greater return on their investments. "One of the critical reasons we chose to work with Magnet is the people, the principals in the firm," explained Erick J.Peterson, president, ABN AMRO Services Company. "I have worked with Dan Myers on and off for a number of years on different projects, and he always goes the extra mile. When Dan says it will get done, it will get done on time and within budget. "I have total confidence in Magnet because I have total confidence in the people. The people and their commitment, knowledge of our business and expertise," Peterson said. "ABN AMRO is a recognized global leader in the area of corporate banking," said Dan Myers, executive vice president and general manager for Magnet. "We are delighted they have chosen to work with Magnet to provide their North American business customers with the most advanced technology to meet their growing needs in a rapidly changing business environment." "This agreement is significant because it further demonstrates the banking community's commitment to providing business clients with the added convenience and control offered through web technology," said Magnet President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Steve Gordon
On June 24, 1999, Steve Gordon of California rode a unicycle backward for 68 miles at Southwest Missouri State University, Springfield, Missouri, earning him the current . "In addition to providing superior technology, Magnet has expanded its business offering to assist its customers with system definition and implementation, all the way to market deployment." Complementing Magnet's comprehensive product suite, the company recently acquired a leading banking and treasury management consultancy. The new consulting division, branded Magnet-IC4 (Information, Integration, Interoperability, Internetworking), focuses on integration analysis for Magnet's iBank Suite of cash management products; strategic product, marketing and sales planning; research; and electronic commerce integration and deployment. Magnet-IC4 fills a critical niche by translating business user needs into viable business solutions by capitalizing on appropriate, interoperable technologies Founded in 2003, Interoperable Technologies is a limited-liability company (LLC) working to create a "dual-mode" satellite radio receiver that is capable of accessing both services operating in North America. to meet the bank's goals for higher efficiency and return on investment. About iBank Magnet's iBank Suite(tm) of secure, web-based cash management products is an advanced information delivery system which enables banks to provide cash management services to their business customers via the cost effective Internet delivery channel or through a private network environment. Modules within the comprehensive iBank suite include automated clearinghouse payments (ACH (Automated Clearing House) A system of the U.S. Federal Reserve Bank that provides electronic funds transfer (EFT) between banks. It is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments to ), balance reporting, bank draft, book transfer services, controlled disbursement, foreign exchange rate reporting, money market rate reporting, money transfer and positive pay services. Magnet's iBank suite is designed in standard open technologies to minimize impacts to internal systems and maximize the bank's ability to get new products to market. About ABN AMRO Netherlands-based ABN AMRO Bank N.V. is the world's 8th largest bank according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Tier 1 capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. , with assets of nearly $490 billion and 1,900 locations in 71 countries. North America's largest foreign bank, with assets of $145 billion and 18,000 employees, ABN AMRO Bank's North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. include 15 ABN AMRO Bank N.V. locations; ABN AMRO Inc., a full-service investment banking, brokerage and securities firm; ABN AMRO Asset Management (USA) Inc.; as well as Chicago's LaSalle Banks, Standard Federal Bank of Michigan and EAB EAB Emerald Ash Borer (insect) EAB Environmental Appeals Board (EPA) EAB Educational Activities Board (IEEE) EAB Environmental Advisory Board EAB Egyptian American Bank in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . About Magnet Magnet, the Internet Business Banking Authority, is the premier provider of secure web-based corporate cash management solutions for leading financial institutions worldwide and Fortune 500 businesses. Founded in 1995, Atlanta-based Magnet provides a comprehensive array of Internet cash management and image delivery products, as well as electronic commerce and treasury management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects services. For more information regarding Magnet and its products and services, visit Magnet's web site at www.magnetbanking.com; or contact Magnet at 404-892-9300, or sales@magnetbanking.com. Magnet, iBank Suite and Magnet-IC4 are trademarks of Magnet Communications. |
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