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Vendors Release Small Business Web Banking Platforms
By Jim Bruene on October 4, 1998 10:43 AM | 0 CommentsHome banking vendors are beginning to release business modules for their Net banking platforms. Four are currently available or about to ship. Many more are in the wings.
Digital Insight
26025 Mureau Road
Calabasas, CA 91302
Phone: (818) 871-0000
Fax: (818) 878-7555
Key Execs:
Paul Fiore, EVP & Co-Founder
John Dorman, President & CEO
The Company: The privately held company was founded in July 1995 by Paul Fiore and Daniel Jacoby. The company employs 76 and had 1997 revenues of $5 million. Historic strength in building turnkey Web sites for credit unions. Launched Web banking services in March, 1996. Of 243 live clients, 235 (97%) use Digital Insight to host their Web sites, 187 (77%) used the company to build their Webs, and 125 offer transactional Web banking through the company. Total Web banking enrollment is 236,000 for an average of 1,900 members per financial institution.
Business Banking Program: Prizm Internet Cash Management was launched in April, 1998, with Community Credit Union (Plano, TX; $500 million; 125,000 members) as its first client.
Edify
2840 San Tomas Expressway
Santa Clara, CA 95051
phone: (408) 982-2000
Fax: (408) 982-0777
Key Execs:
Jeffrey Crowe is President and Co-founder
Bill Soward is VP Product Marketing
The Company: Edify is a public company (EDFY) founded in 1990. For the 12 months ended Sept. 30, sales were $67 million, profits were $655,000, and total employment stood at 349. The company has 1,100 clients worldwide, 150 in financial services. It’s Electronic Banking System is a full-featured online banking platform priced at $150,000+ and used by pioneers Net.B@nk, CompuBank, Harris Bank and others.
Business Banking Program: Edify announced the Business Banking Suite on Sept. 23. It runs on top of the company’s Electronic Banking System and is scheduled to ship in Q4 1998.
Home Financial Network
55 Green Farms Road
Westport, CT 06880
Phone: (203) 341-7000
Fax: (203) 341-7442
Key Execs:
Daniel Schley, CEO; Eric Jacobsen, President & COO
Tom Dittrich, VP Marketing
The Company: The privately held 52-person company was founded in Sept. 1995 by two MECA Software executives, Daniel Schley and Eric Jacobson. According to the company, its clients have achieved 9% penetration (percentage of customers using online banking) with 87% activation rates, and support costs under $0.30 per customer per month. The company’s first product, HomeATM, a direct-dial program, was launched in March, 1997. Six months later the product was ported to the Web and dubbed HomeATM-Internet Version. The company offers flexible pricing options including a pay-as-you-go model and has seven clients live, six in beta, and others in various stages of development.
Business Banking Program: The company is in the launching a business version of its software called, what else, BusinessATM. It is expected to ship in fourth quarter.
Q-UP Systems
8303 N. Mopac, Suite B450
Austin, TX 78759
Phone: (512) 342-9910
Fax: (512) 342-9921
Key Execs:
Dan Martin is President
Wade Sanders is Director of Sales
The Company: The privately held company was founded in 1995 and employs just 30. Its total client base stands at 97, with 78 licensing its Internet Banking System launched in Nov. 1996. See the demo at www.secure-banking.com Besides the usual online banking functions, Q-UP includes a number of value-adds such as stock quotes, weather forecast, radar and time of day.
Business Banking Program: Q-UP was an early entrant in business banking, launching the Cash Management module in Sept. 1997. It features wire transfers, ACH origination, direct deposit, tax payments, and more. So far, 52 banks have licensed Cash Management, making it the leading seller in the category.
