MTech Acquires Cash Management Software Product

By Weinstein, Michale | American Banker, July 1, 1985 | Go to article overview

MTech Acquires Cash Management Software Product


Weinstein, Michale, American Banker


NEW YORK -- MTech of Dallas, a leading data processer and software supplier for retail banking services, is moving into the wholesale arena with its announced agreement to acquire the product rights for Moneynet from General Electric Information Services Co.

Moneynet is the funds transfer and cash management software system of Network Consultants Inc. in Chicago, which is owned by General Electric.

Dough Kirk, senior vice president of corporate communications at MTech, declined to disclose the terms of the deal, which is pending regulatory and corporate approval.

"The Moneynet system was very attractive to us because our electronic banking division already offers retail [electronic funds transfer] software to more than 100 customers," said Darwin Deason, chairman and chief is owned by Dallas-based MCorp., a bank holding company.

"With the addition of the Moneynet wire transfer software system, MTech will be the only company to offer both wholesale and retail software products."

General Electric Information Services, based in Rockville, Md., is a division of General Electric Co. and runs a global telecommunications network that provides a range of services to different industries, including banks. …

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