First Commerce Technologies Licenses Magnet iBank Solutions.Business &Technology Editors ATLANTA--(BUSINESS WIRE)--Feb. 10, 2000 Leading service provider to 275 community banks adopts Internet cash management and business banking solutions Magnet Communications, Inc., an application service provider of Web-based cash management, business banking and e-commerce solutions to financial institutions, announced today that Nebraska-based First Commerce Technologies (FCT FCT Faculdade de Ciências e Tecnologia (Portuguese University) FCT Fundamentals of Computation Theory FCT Fundação para a Ciência e a Tecnologia (Portuguese Science and Technology Foundation) ) has licensed the iBank Suite(TM) of cash management and business banking solutions. FCT, a provider of data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a solutions to community banks, will widely deploy Magnet's full-service application-rich cash management and business banking applications to more than 275 FCT community bank clients located throughout the U.S., as well as its own institution, the National Bank of Commerce of Lincoln, Neb. Using Magnet's iBank Suite, FCT and its client banks are now able to help hundreds of thousands of business customers better manage operating cash, mobilize mo·bi·lize v. 1. To make mobile or capable of movement. 2. To restore the power of motion to a joint. 3. To release into the body, as glycogen from the liver. funds, and initiate payments such as direct deposit and vendor and tax payments via the World Wide Web. Applications licensed by FCT include: balance reporting, book transfer, universal in-box, electronic report delivery, automated clearing house See ACH. (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 ), stop payments, and wire transfer. &uot;We selected Magnet as much for the depth of its solutions as its vision for the future,&uot; said First Commerce Technologies 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. , Patric J. Jerge. &uot;FCT is focused on creating business banking solutions that enable our banking clients to empower their commercial customers with services that help businesses grow.&uot; &uot;Partnerships with bank application service providers such as FCT are critical to spreading Magnet's competitive Web-based banking capability,&uot; said Scott Pranger, Magnet's chief marketing officer. &uot;Together, we enable FCT's 275 client banks to compete effectively with the largest financial institutions in providing Web-based banking and e-commerce services to businesses of any size.&uot; 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. Global Concepts, an Atlanta-based payments research firm, banks with Windows or terminal-based treasury management systems will move exclusively to Web-based systems in two to four years. Many banks will be installing these systems for the first time. Other studies show that more than 800 U.S. banks will have implemented or be in the process of implementing Internet cash management systems by 2001. &uot;In the next few years, Magnet expects banks of all sizes to move swiftly to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. the untapped potential in Internet strategies aimed at small and medium businesses, where the greatest revenues are generated,&uot; said Pranger. &uot;Magnet is poised to serve as the ideal ASP partner to financial institutions in realizing this potential.&uot; About Magnet's iBank Suite and MyBank-Business Portal Magnet's iBank Suite(TM) of secure, web-based cash management and business banking products is an advanced information delivery system which enables banks to provide cash management and business banking services to their customers via the cost effective Internet delivery channel or through a private network. The 15 modules within the comprehensive iBank suite include automated clearing house payments (ACH), balance reporting, book transfer, cash concentration, controlled disbursement Controlled disbursement A service that provides for a single presentation of checks each day (typically in the early part of the day). , drafts, foreign exchange, image, 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. , money transfer and positive pay services, as well as self-service enrollment, electronic report delivery and file transfer. The iBank Suite's iBank-Cash Management and iBank-Business Banking products enable banks to reach multiple market segments without a platform change. Magnet's MyBank-Business Portal extends a full range of business services through bank portals. Magnet's iBank Suite and the MyBank-Business Portal operate on the enterprise-scale Magnet e-Commerce Platform in in-house or outsource modes. Magnet's e-Commerce Platform and software are designed in standard open technologies to minimize impacts to internal systems and maximize the bank's ability to get new products to market. About First Commerce Technologies First Commerce Technologies is a provider of technology-based solutions for community banks. Based in Lincoln, Nebraska The City of Lincoln is the capital and the second most populous city of the U.S. state of Nebraska. Lincoln is also the county seat of Lancaster County and the home of the University of Nebraska. , the company was founded 31 years ago and supports more than 275 customers in eleven states. First Commerce Technologies delivers &uot;the FCT solution,&uot; a complete package of banking solutions that allows community banks to compete in the ever-changing 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. marketplace. For more information about FCT, visit their Web site at http:// www.fctinc.com/. About Magnet Communications Magnet Communications, the Internet Business Banking Authority, was founded in 1995 and is the premier provider of secure electronic solutions for leading financial institutions and Fortune 500 businesses. Magnet is an application service provider of Internet cash management, business banking, image delivery and e-commerce products through its 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 ). It also provides a full array of commercial banking solutions for in-house implementation as well as consulting and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. through its Magnet-IC4 division. For more information regarding Magnet Communications or its products and services, please visit www.magnetbanking.com or contact Magnet at 404-892-9300, or via email at sales@magnetbanking.com. NOTE TO EDITORS: Magnet iBank Suite, MyBank, and Magnet-IC4 are trademarks of Magnet Communications. |
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