Riggs Bank selects Magnet Internet banking suite

Riggs Bank selects Magnet Internet banking suite

Washington-based Riggs Bank is to roll out Magnet Communications' Internet banking suite in a bid to improve its online banking service for business customers.

The Magnet solution will provide Riggs with the ability to consolidate three existing online platforms into one single platform.

The phased implementation is slated to begin this month, for nine Magnet products: money transfer, FX rates, book transfer, ACH (Automated Clearing House), stop payment, e-commerce platform, electronic report delivery, system mail and control disbursements. All products will be hosted on Magnet's ASP, the Magnet Outsource Service (MOS). The second phase, which will allow online real-time interfaces for book transfer, stop payment and wire transfer, will begin in March 2002.

Terrie Spiro, executive vice president, Riggs Bank, comments: "We liked the fact that all of Magnet's applications run on the same scalable platform. This will mean a savings in time and resources currently needed to manage several systems. It will also make it easy to add additional modules if we find our customers request additional services."

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