Magazine article American Banker

First National of Atlanta Will Launch an On-Line Cash Management Service

Magazine article American Banker

First National of Atlanta Will Launch an On-Line Cash Management Service

Article excerpt

First National of Atlanta Will Launch An On-Line Cash Management Service

NEW YORK -- The First National Bank of Atlanta will launch an on-line cash management service for small businesses next week, based on a microcomputer system developed by Harbinger Computer Services, Atlanta.

Thomas F. Chapman, executive vice president in charge of retail banking, said his institution expects to have about 500 customers using the product within 12 months, based on the experience of similar video banking programs for small businesses.

Called In Touch Cash Manager, the system uses Harbinger software to download balance and other information into the small business' IBM PC or compatible. It sets up a banking session off line and then automatically dials up and logs into Harbinger's Tandem Nonstop computers to upload the data in a burst, reducing connect time to seconds. Harbinger transmits the information to the bank in batch mode at the end of the day.

First National of Atlanta said business customers can determine balances, cleared checks, and return items on their corporate checking, loan, and investment accounts. They can transfer funds among these accounts at the bank and, using the automated clearing house system, transfer to and from accounts at other financial institutions.

The service does not include on-line bill paying. The bank said there was little interest in it, but it does plan to add a check-writing feature in the fall. "The major thing is information and transactions," said Thomas F. Chapman, executive vice president in charge of the bank's retail banking, in a telephone interview.

The bank will charge $495 for the software and $75 a month for the service. However, the software is priced at $300 during an introductory offer through July 31.

First National of Atlanta, a subsidiary of First Wachovia Corp. …

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