Citibank selects MPACT Immedia for European payment program.LONDON--(BUSINESS WIRE)--March 26, 1997--MPACT Immedia (TM, ME:IFM IFM Institut Français de la Mode (French Fashion Institute) IfM Institute for Micromanufacturing (Louisiana Tech University) IFM Interface Module IFM Instantaneous Frequency Measurement ) announced today it has been selected by Citibank to provide Electronic Commerce software products for the bank's state-of-the-art Bulk Payment Service. The initial application of the system is targeted at Citibank's European commercial customers. The service represents a major breakthrough in payment processing for Citibank, plus it signals the beginning of a strong alliance between MPACT MPACT Mississippi Prepaid Affordable College Tuition Plan Immedia and one of the world's largest banks with assets of $256 billion and 85,000 employees in 96 countries. "This service represents a quantum leap in the processing of electronic bill payments," said Ann Cairns Cairns, city (1991 pop. 64,463), Queensland, NE Australia, on Trinity Bay. It is a principal sugar port of Australia; lumber and other agricultural products are also exported. The city's proximity to the Great Barrier Reef has made it a tourist center. , Executive Director of Citibank's Global Cash Management Services. "The sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. of the MPACT Immedia technology allows us to accept massive numbers of payment orders from our customers and execute them within very short time-frames. As a result, our large corporate customers don't have to worry about intermittent transmissions ( they can send all their payments in one file, when the time is right for them." This means tremendous time and cost savings for companies which previously had to batch their payments or trickle their orders to the bank in small transmissions, added Cairns. "Citibank's philosophy is to be both a local bank and a global bank at the same time," said Cairns. "Our approach to transaction banking is to integrate our services globally and deliver them locally. The MPACT Immedia software makes that happen." There are two are MPACT Immedia software products at the core of the Citibank bulk payment service. The first is MessageWay. which is a high-volume EDI (Electronic Data Interchange) The electronic communication of business transactions, such as orders, confirmations and invoices, between organizations. Third parties provide EDI services that enable organizations with different equipment to connect. system that combines data communications and message management. The second is Edikit, an EDI translator that can take conventional computer data from any type of platform and instantly translate it into electronic data interchange See EDI. (application, communications) electronic data interchange - (EDI) The exchange of standardised document forms between computer systems for business use. EDI is part of electronic commerce. formats for simple transmission. "We are pleased to have an opportunity to partner with Citibank on this world-class project," said Brian Edwards, 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. of MPACT Immedia. "The bank is a recognized leader in the financial industry and has exacting standards for the services it provides its customers. That puts us on the cutting edge of financial-transaction technology." Jim Dale, Executive Vice President of MPACT Immedia Systems in Livonia, Mich., which installed the software, sees the Citibank implementation as a watershed application for Electronic Commerce using public-standard message formats. "Electronic data interchange technology has been with us for decades now," said Dale. "But until recently, the cost of supporting an EDI implementation on the scale of Citibank's has been prohibitive. This project represents a significant advancement in the cost-effectiveness of EDI as a technology for high-end messaging applications." MPACT Immedia provides leading enterprises world-wide with comprehensive electronic commerce software and value-added network services. Among its clients are Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , Chrysler, Mercedes-Benz and British Aerospace. MPACT Immedia Corporation is headquartered in Montreal. It offers services through three operating subsidiaries: MPACT Immedia Inc. in Montreal, MPACT Immedia Systems, Inc. in Livonia, Michigan, ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. Wire Service in Toronto, along with business offices in London and Beijing. CONTACT: MPACT Immedia Corporation Barry V. Engel, VP, Corporate Affairs 514/397-9747 (ext. 202) John Davidson, Communications Director 514/397-9747 (ext. 210) |
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