Federal Bank commissions S1 corporate Internet system

Federal Bank commissions S1 corporate Internet system

The Federal Home Loan Bank of New York is to extend its relationship with S1 to cover the provision of an Internet-based corporate banking system for transaction, reporting and added value services.

An $80 billion wholesale bank serving 300 community lenders, Federal Home Loan Bank of New York has been a user of S1 Voice since 1996.

The institution will now implement S1 Corporate Banking to provide electronic account inquiries, information reporting, wire payment and account transfer capabilities online. The new Web-based solution will consolidate the bank's reporting and transaction management onto a single platform. The platform also offers the flexibility to develop and offer other bank services like securities safekeeping and loan advances.

Other users of the S1 solution include Federal Home Loan Bank of Boston, FleetBoston Financial and the Canadian Imperial Bank of Commerce.

Robert Hans, senior vice president of operations of the New York Home Loan Bank, comments: "S1's broad experience in delivering e-finance solutions, particularly within the Federal Home Loan Bank System, will be a great asset to us as we develop our Internet transactional and reporting services for member community banks."

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