Associated Banc-Corp licenses InteliData Internet banking and payment software
09 February 2004 | 1125 views | 0
InteliData Technologies Corp. (Nasdaq:INTD), a leading provider of electronic bill payment and presentment technologies, today announced that Associated Banc-Corp, a $15.2 billion multi-bank holding company with over 200 banking locations in Wisconsin, Illinois and Minnesota, has licensed InteliData's suite of Internet banking and payment products. In addition, InteliData will provide Associated with bill payment routing services on an outsourced basis. Associated had previously outsourced all of its Internet banking and billpay services to InteliData.
"We have had a strong relationship with InteliData over the last three years and we are pleased with the commitment InteliData has made to our customers' online experience. Enhancements to the online platform such as check imaging and the flexibility of the InteliData payment engine have really driven online adoption," said Leonard Rowe, Senior Vice President and Director of eBusiness at Associated Bank. "As more of our customers actively use online banking, the flexibility we get from licensing the InteliData suite of products made sense, as did taking advantage of InteliData's expertise in payment routing."
The Interpose® suite of Online Banking and Payment Solutions, in use at four of the top 20 banks in the U.S., provides financial institutions with a comprehensive and highly scalable application that allows consumers to access account information and make payments via the Internet, Microsoft Money®, and Intuit Quicken®. The product suite includes InteliData's industry leading Payment Warehouse, which gives banks total control over bill payment processing, and provides the only proven least cost routing capabilities in the market.
"We are pleased to be extending our relationship with Associated Bank," according to Alfred S. Dominick, Jr., Chairman and CEO of InteliData. "Their decision to establish more control over the Internet banking delivery channel and over the routing of electronic bill payments is consistent with the strategy that we see leading financial institutions adopting."
While this in-house migration will result in a reduction in certain Application Service Provider recurring revenue sources for InteliData going forward, the Company received license fees and will continue to realize annual maintenance revenues for the software license, as well as continuing transaction fees associated with electronic payment matching and least-cost routing services from the bank.