Academic journal article ABA Banking Journal

One-Stop Portals for Business Banking

Academic journal article ABA Banking Journal

One-Stop Portals for Business Banking

Article excerpt

As if to combat the consumer apathy toward online banking evident so far, Magnet Communications, www.magnetbanking.com, based in Atlanta, set its sights on delivering business banking services--designed from scratch to work on the internet.

The vendor pioneered business e-banking in 1995 and has since built an impressive roster of clients, including Commerce Bank of Kansas City, Silicon Valley Bank, Zions Bancorportion, Royal Bank of Canada, and others. RBOC is a significant catch because it's affiliated with S1, the powerhouse pioneer of consumer ebanking applications. Commerce Bank is also the first user of Magnet's new iPortBiz suite of web-based, bank-branded services for small and medium-size businesses.

Magnet's financial backers include Sun Trust Bank, Banc of America Technology Investments, and Washington Mutual.

iPortBiz aims to be a financial manager's online portal to the products, services and information needed to run a business. The portal carries the brand of the firm's bank and is linked via industry-standard interfaces to the bank's core processing system. The flagship product, Internet banking, features:

Electronic presentation and payment of payables and receivables of the firm's trading partners.

ACH cash management and wire transfers.

Reports on loan and investment payments, including employee benefit plans.

An electronic lockbox, giving the business "up-to-the-minute" access to payment and remittance details.

Two-sided check imaging.

Online tax filing.

A customized business directory.

Third-party services--stock quotes, news and weather.

Magnet is led by CEO Steve Gordon, who previously held executive positions in marketing for American Express Financial Corporation and the Dutch-owned giant ING Group. …

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