Compass Bank Chooses Magnet Internet Business Banking; Compass to Use Magnet's Comprehensive Suite to Launch Online Business Banking Services.Business Editors/Hi-Tech Writers ATLANTA--(BUSINESS WIRE)--Nov. 7, 2001 Magnet Communications, Inc., the Internet Business Banking Authority (www.magnetbanking.com), today announced that Compass Bank (www.compassweb.com), a Sunbelt-based financial institution with offices in Alabama, Arizona, Colorado, Florida, Nebraska, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). and Texas, has selected Magnet to launch its online business banking services. "We wanted to respond to our customers' growing interest in the Internet," said Joan R. Baraba, Executive Vice President, Treasury Management Services. "After evaluating various vendors, we selected Magnet and its Internet business banking suite. Initially, we will implement balance reporting, book transfer, stop payment, wire transfer and ACH (Automated Clearing House See ACH. ) through Magnet's application services See ASP and Web services. provider model, the Magnet Outsource Service (MOS (1) (Metal Oxide Semiconductor) See MOSFET. (2) (Mean Opinion Score) The quality of a digitized voice line. It is a subjective measurement that is derived entirely by people listening to the calls and scoring the results from ). Soon after the first implementation phase, we plan to add image applications. With Magnet's single platform infrastructure, we have the option to add even more applications as our customers' needs grow." "We believe in a rigorous due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process for choosing vendors," said David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Gentry, Senior Vice President, Treasury Management Services. "Magnet was the perfect partner to introduce Internet business banking because the rich functionality of Magnet's integrated suite allows us to offer the most comprehensive range of services and will catapult us to the head of the pack of banks offering Web-based business banking. The outsourced management will help us get up and running quickly, and the Internet capabilities will provide easy access to customers across our franchise." Compass Bank targets corporate customers in a wide range of vertical industries and geographic locations. Part of the appeal of the Magnet suite is that the products are well suited for this targeted market and Compass can easily add services as its customers' businesses expand and change. "We want to be known as `the best treasury management bank' for our target corporate customers," explained Baraba. "The functionality of an Internet-based versus a Windows(R)-based solution will enable us to provide the best possible service today. Also, in a world of fast-changing technology, Magnet's strategic vision will enable us to keep abreast Verb 1. keep abreast - keep informed; "He kept up on his country's foreign policies" keep up, follow trace, follow - follow, discover, or ascertain the course of development of something; "We must follow closely the economic development is Cuba" ; "trace the of our customers' demands tomorrow. We really like Magnet's focus on planning for our customers' future business requirements." "Compass' selection of Magnet Communications is an example of how we have been able to simplify online business banking, while still offering the most comprehensive range of products in the industry," said 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 , 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 Magnet. "We are looking forward to working as a long-term strategic partner to help Compass and their customers grow and succeed." About Compass Compass Bank is a subsidiary of Compass Bancshares, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CBSS CBSS Council of Baltic Sea States CBSS Craft and Boat Support System CBSS Coastal Border Surveillance System (MSSC) CBSS Closed-Breach Scavenging System (compressed air system for removing smoke from tank gun tubes) ), a Sunbelt-based financial holding company with more than $22 billion in assets and 340 full-service banking offices in Alabama, Arizona, Colorado, Florida, Nebraska, New Mexico and Texas. Compass is among the top 40 U.S. bank holding companies by asset size, and ranks among the top earners of its size based on return on equity. The company's earnings per share have increased for 13 consecutive years and dividends per share Dividends per share Dividend paid for the past 12 months divided by the number of common shares outstanding, as reported by a company. The number of shares often is determined by a weighted average of shares outstanding over the reporting term. have increased for 20 consecutive years. Shares of Compass' common stock are traded through the NASDAQ stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol CBSS. About Magnet Communications Magnet Communications, Inc., the Internet Business Banking Authority, was founded in 1995 and is a leading provider of business-centric Internet banking applications to banks of all sizes. Magnet's BizBankingWORKS is the most comprehensive Web-based business banking solution in the market with more than 17 cash management and business banking applications, including digital signatures, image-based lockbox delivery, and foreign exchange. BizBankingWORKS for Small Business is an integrated business banking platform that offers financial institutions an unparalleled array of management and segmentation tools for increased levels of revenue generation, operational efficiency, and cost control through a comprehensive, personalized view of a company's entire financial picture from a single interface. Magnet's iPortBiz, a bank-branded hosted services portal, combines digitally secure cash management services with essential business services, including business-to-business bill payment, bill presentment, and tax filing, as well as integration with business financial management packages such as wireless channels and QuickBooks(R). For more information regarding Magnet Communications or its products and services, please call 404/892-9300, visit www.magnetbanking.com or email sales@magnetbanking.com. # # # Magnet, Magnet Communications, Magnet Outsource Service, BizBankingWORKS, BizBankingWORKS for Small Business, iPortBiz and The Internet Business Banking Authority are trademarks and/or service marks of Magnet Communications, Inc. |
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