Magazine article American Banker

Deluxe EFT Software Targets Midsize Banks

Magazine article American Banker

Deluxe EFT Software Targets Midsize Banks

Article excerpt

PHOENIX -- Deluxe Data Systems Inc. has announced a new version of its electronic funds transfer software aimed at medium-sized banks and credit unions.

The software, Connex Prime, is derived from Milwaukee-based Deluxe's existing Connex EFT software that has been sold to many of the country's largest banks and regional automated teller machine networks.

While the original Connex software was aimed mainly at banks with over $25 billion of assets and was used to route transactions coming from hundreds of ATMs, Connex Prime, which was debuted at the Bank Administration Institute's retail delivery systems conference, has been modified for use by mid-sized institutions with as little as $1 billion of assets and as few as a dozen cash machines.

Officials at Deluxe Data, a subsidiary of Minneapolis-based check printer Deluxe Corp., said Connex Prime is an attempt to capitalize on medium-sized banks' growing desire to control more facets of their retail delivery systems, rather than turning to outsourcing.

"Interest in alternative retail distribution strategies is not confined to just the top 50 banks," said Paul Schmelzer, vice president of software products at Deluxe Data, referring to the lure of multi-function ATMs, debit card point of sale systems, and home banking via personal computer. "And technology is letting us offer essentially the same capabilities to a much broader market."

Like its big-bank predecessor, Connex Prime runs on Tandem Computers Inc.'s line of fault-tolerant hardware used by banks to run the ATM networks. …

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