City National Bank Launches Real-Time, Business Online Cash Management; Innovations Include Electronic Alerts, Online Check Imaging & On-Demand Account Statements.Business Editors & Internet Writers LOS ANGELES--(BUSINESS WIRE)--Jan. 30, 2001 City National Bank (NYSE NYSE See: New York Stock Exchange :CYN CYN Canyon ), California's Premier Private and Business Bank(SM), today unveiled its newest Internet product, Online Cash Management, one of the most comprehensive and sophisticated online business solutions in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry to date, 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. Jan Cloyde, executive vice president and head of City National's Banking Services division. "We took eight cash management products our clients use the most and bundled them together into one electronic product that is responsive, convenient, highly functional and uses a minimum of banking jargon. Plus, our system offers three innovative features not found in other online cash management systems," Cloyde said. Those innovations are: 1) A balance alert feature, which automatically e-mails or pages the client if a particular account balance moves above or below pre-selected amounts; 2) online check imaging, which lets clients view the front and back of cleared checks, online; and 3) on-demand account statements, which let clients view a "snapshot" of their current statement activity. "Online Cash Management represents a radical change to the relationship between banks and their business customers," said Nadilee Russell, senior vice president and head of City National's Cash Management department. "With traditional cash management systems, clients must wait for banks to send them account statements to reconcile their accounts. "With our product, however, business clients can generate account statements at any time, enabling them to reconcile accounts whenever they wish. Clients can also use City National's Online Cash Management to expedite deposits, manage payments, consolidate funds, and access and monitor their company's cash resources with increased efficiency." Online Cash Management incorporates real-time, Internet access See how to access the Internet. to balance reporting, account-to-account transfers, stop payments, data exporting and many other cash-flow control measures. City National and Digital Insight (Nasdaq:DGIN DGIN Digital Insight Corp (stock symbol) ), a leading financial enabler of online services to the financial services industry, jointly developed the online cash management product. "We asked our clients what online functionality they wanted and used that input to design enhancements to our existing cash management product line," said Russell. "Following extensive product development and a successful Beta test A test of new or revised hardware or software that is performed by users at their facilities under normal operating conditions. Beta testing follows alpha testing. Vendors of packaged software often offer their customers the opportunity of beta testing new releases or versions, and the , we are now rolling out the system." One Beta test client, the Jewish Federation A Jewish Federation is a confederation of various Jewish social agencies, volunteer programs, educational bodies, and related organizations, found within most cities in North America that host a viable Jewish community. Council of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , found that real-time access to account and balance information significantly improved their efficiencies. "Under City National's system, at month's end we can now pull our entire monthly statement off the Internet. That makes a world of difference for us," said Seth Weintraub, the Council's chief financial officer. "I also like the online check imaging feature. We process payroll for 12 other entities, but their checks are cut on our payroll account. Being able to view a check -- front and back -- over the Internet is a huge plus for us to verify the check." Barclay & Company, a Marin County-based real estate investment and management company, found the balance reporting and notification features particularly helpful for their daily cash assessment needs. "We also like the range of this service. We threw about 147 different scenarios at City National, and their online system handled every one," said Serena Bertles, Barclay's controller. Flexibility is a key component of City National's Online Cash Management. For instance, business customers can develop custom "start" pages for their online cash management accounts to display the range of real-time balances or other reports they need instantly. The City National platform will allow additional services to be added seamlessly. City National anticipates a sizeable demand for Online Cash Management, both from existing and prospective clients. "Even before our testing period, we've had strong interest in this product from our clients," Russell said. Recent studies predict that up to 80 percent of small businesses in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. will be using an online cash management service by 2002. A demonstration of City National's Online Cash Management is available by visiting www.cnb.com and clicking on the "eLink" button. About City National is a publicly owned Publicly owned can refer to:
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "CYN." The corporation's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , City National Bank, is California's premier private and business bank. City National Bank, which provides banking, trust and investment services, has 48 California offices located throughout Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Francisco, San Mateo, Santa Clara and Ventura counties. In addition, the bank's trust and investment division, City National Investments, has $18 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. or administration. For more information about the corporation, visit the Web page, cnb.com. About Digital Insight Digital Insight(TM) Corp. (www.digitalinsight.com) is the preferred eFinance enabler for visionary financial institutions. Through its comprehensive portfolio of outsourced, Internet-based financial products and services built upon the company's unique architecture, Digital Insight moves banks and credit unions Beyond Internet Banking(TM) to become the trusted transaction hub for their retail and commercial customers. Exclusively endorsed by the American Bankers Association The American Bankers Association (ABA) is comprised of banks and other financial institutions. It seeks to promote the strength and profitability of the banking industry by Lobbying federal and state governments, building industry consensus on key issues, and providing products and (R) (ABA), and currently serving more than 1,155 financial institution clients nationwide, Digital Insight provides retail and commercial Internet banking, electronic bill payment and presentment, eCommerce portal technology, wireless channel delivery, advanced data mining and targeted marketing, and Web site development and maintenance, as well as online and call center lending services. Each Digital Insight product and service reinforces the brands of its client financial institutions. Digital Insight. Beyond Internet Banking(TM). |
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