Academic journal article ABA Banking Journal

Internet Banking without User Fees

Academic journal article ABA Banking Journal

Internet Banking without User Fees

Article excerpt

Voice response system vendor Regency Voice Systems, Dallas, offers community banks transactional websites without user fees (typically charged every time bank's customer makes a transaction) that add hidden costs to building a presence on the web.

Regency's sites can be hosted at the bank itself or by the vendor. The Regency solution includes site design as well as applications that include billpay, online loan submission, and additional content such as stock quotes or investment news. (In addition, Regency's people oversee installation and interfacing to host data.)

The vendor's solution--which admittedly joins the crowded and competitive web development space--has been available since March and has been installed at more than 60 banks. Although mum about details at press-time, Regency did say that it planned to upgrade its Internet banking offerings again in first quarter 2000, says vice-president Danny Casey.

Like other web-banking programs, Regency's site allows retail customers to use standard browser software to review account balances, obtain detailed transactional histories, or sort and search information by account, date, amount, check number, or transaction type. Account information can also be exported to personal financial management software such as Quicken or Microsoft-Money. Commercial customers can initiate recurring or one-time secure wire transfer requests, originate ACH debits and credits, formatted for NACHA processing, or make federal tax deposits electronically to the U. …

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