Commerce Bank Selects Magnet Communication's Internet Banking Suite of Business Banking Products.Business Editors Association of Finance Professionals PHILADELPHIA--(BUSINESS WIRE)--Nov. 14, 2000 Commerce now able to offer business banking customers expanded online services Magnet magnet: see electromagnet; magnetism. magnet Any material capable of attracting iron and producing a magnetic field outside itself. By the end of the 19th century, all known elements and many compounds had been tested for magnetism, and all were Communications, Inc. (www.magnetbanking.com), the financial supply chain for business banking, announced today at the Association of Finance Professionals' annual convention that Commerce Bank of New Jersey will adopt Magnet's Internet Banking Suite of business banking solutions in order to offer expanded online banking services to its business customers. Commerce will offer the suite to its business customers as Commerce TreasuryDirect. Commerce Bank has licensed the automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. clearinghouse (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 ), wire transfer, balance reporting, stop payment, electronic report delivery, image-enabled lockbox Lockbox A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. , internal transfer, positive pay reporting, controlled disbursement Controlled disbursement A service that provides for a single presentation of checks each day (typically in the early part of the day). reporting and file transfer applications of the Magnet Internet Banking Suite, which the bank will run in-house. "Magnet has proven itself to be the industry leader in helping banks provide online business banking services to their customers," said Commerce Chairman and President Vernon W. Hill, II. "Working with Magnet further equips us to execute our aggressive growth strategy by enhancing our ability to utilize new delivery channels such as the Internet and wireless." Commerce Bank of New Jersey, headquartered in Cherry Hill Cherry Hill, township (1990 pop. 69,319), Camden co., W central N.J.; name was changed from Delaware township to Cherry Hill in 1961. Largely residential, Cherry Hill has been marked by great development and housing growth, especially since the 1970s. , New Jersey just outside of Philadelphia, holds assets of $8 billion. Currently, Commerce Bank is the largest locally headquartered independent bank in metropolitan Philadelphia. The bank's implementation of Magnet's Internet Banking Suite coincides with its goal of expanding its branch network to approximately 270 offices and total assets of $16 billion over the next five years. "Commerce Bank strives to provide exceptional value to its banking customers as well as its shareholders and implementing an Internet business banking solution is a logical step," said Magnet Chief Marketing Officer Gerald Baron. "Magnet's Internet Banking Suite will allow Commerce to become the financial supply chain for their business customers - whether they are small, medium, or large." About Commerce Bancorp This article is about the bank headquartered in Cherry Hill, New Jersey. For other uses, see Commerce Bank. Commerce Bancorp (NYSE: CBH), doing business as Commerce Bank , Inc. Commerce Bancorp, the region's fastest growing independent 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. retailer, specializes in providing a full range of banking, insurance and public finance services. Headquartered in Cherry Hill, New Jersey, Commerce has assets of $8 billion and a network of nearly 150 branches serving Pennsylvania, New Jersey and Delaware. For additional information about Commerce, visit the company's interactive financial resource center on-line at www.commerceonline.com. About Magnet Communications, Inc. Magnet Communications, The Internet Business Banking Authority, was founded in 1995 and leads the financial supply chain as a premier provider of secure business banking and cash management solutions to banks worldwide through its application service provider (ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). ), Magnet Outsource Service. Magnet's Internet Banking Suite is one of the most comprehensive Internet business-banking solutions in the market today and has been selected by some of the world's largest financial institutions. The suite offers more than 15 applications, including digital signatures, image-based lockbox delivery, and foreign exchange. Building on its success in the market, Magnet now also offers iPortBiz(SM), its bank-branded ASP portal, which combines digitally secure cash management services with essential business services, including B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business bill payment, bill presentment See EBPP. , and tax filing, as well as integration with business financial management packages such as QuickBooks(R) and wireless channels. For more information regarding Magnet Communications or its products and services, please visit www.magnetbanking.com or via email at sales@magnetbanking.com. Magnet, Magnet Communications, Magnet Internet Banking Suite, iPortBiz, Magnet Outsource Service and The Internet Business Banking Authority are trademarks and/or service marks of Magnet Communications, Inc. |
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