Magazine article American Banker

BofA Seeks New Software Package from IBM

Magazine article American Banker

BofA Seeks New Software Package from IBM

Article excerpt

NEW YORK -- International Business Machines Corp. was far from being the first company out of the gate with a microcomputer-based cash management product, but its late entry appears to be making up lost ground quickly.

Tuesday, Bank of America said it is "pursuing a relationship with IBM" which will enable to bank to add the software package to its MicroStar line.

MicroStar, introduced in November 1982, was the first of the microcomputer-based products to be brought to market, and a Bank of America representative said Tuesday that the bank was anxious to be the first to offer IBM's system.

MicroStar is considered expensive and best suited for larger corporations with sophisticated cash management needs. The IBM software, by contrast, was designed for so-called middle market companies. Corporate Cash Manager

IBM's package, which it calls the Corporate cash Manager, was designed to be sold to banks for resale to corporate clients. The Corporate Cash Manager and producs like it use the local computing power of the microcomputer to request and receive financial data and manipulate that information as needed. Most of the packages also include such transaction features as wire transfer formats.

IBM has not formally announced the Corporate Cash Manager, but it did demonstrate it to bankers and corporate cash managers at the cash Management Institute's annual conference in Fort Lauderdale, Fla., last week.

The new Ibm product is aimed at companies with sales of about $150 million a year, IBM said. More specifically, it was designed for companies with fewer than 50 banks, 20 divisions, 100 accounts, and 100 debt instruments. …

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