SunTrust implements Magnet e-banking suite

SunTrust implements Magnet e-banking suite

Atlanta-based SunTrust Banks, Inc. is to implement Magnet Communication's Internet banking suite for commercial cash management operations to enhance customer service to its commercial clients.

The bank will implement Magnet's entire suite of business banking applications through its hosted service platform, the Magnet Outsource Service (MOS).

The applications, which will be rolled out over the course of the year, include automated clearing house (ACH), balance reporting, book transfers, stop payments, electronic report delivery (ERD), money transfers (wires), cash concentration and positive pay services.

The contract with SunTrust represents Magnet's largest outsource services agreement signed to date. The Atlanta-based bank was one of Magnet's first customers, licensing the image-enabled lockbox application in 1996, one year after Magnet was founded.

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