Sky Bank, the wholly owned subsidiary of Ohio-based Sky Financial Group, Inc. (NASDAQ:SKYF), a diversified financial holding company with $15 billion in assets, has entered into an agreement with S1 Corporation (NASDAQ:SONE) to deploy S1 Business Banking and S1 Corporate Banking.
The applications, which are delivered on the S1 Enterprise Platform, will enable Sky Bank to drive revenue in the lucrative small to mid-market business segment as well as extend its online cash management services to large corporate customers. The applications will be hosted in S1's global data center in Norcross, Georgia.
"S1 Enterprise will enable Sky Bank to address the full spectrum of business and corporate customers with targeted solutions for the unique needs of specific commercial market segments," said Todd Ritzler, vice president and commercial product manager for Sky. "We can focus on a whole new wave of potential online business banking users in the small business market while also delivering advanced cash management features to large corporate customers. With S1 Enterprise solutions, Sky Bank can deliver a new level of convenience, a wide array of features, and specially designed services that can evolve with a growing business."
For the small to mid-market businesses that are the core of Sky Bank's wholesale customer base, S1 Business Banking provides a unique set of capabilities for business owners and operators to simplify operations, gain a real-time view of their financial position, and maximize cash flow, payables, and receivables. Sky Bank's business customers will have a functionally rich, easy-to-use solution with robust modules for account information, payments, transfers, and check services. S1 Business Banking will also enable Sky Bank to implement new, value-added features such as online lockbox images, positive pay, bill pay, account alerts, and online ACH tax payments.
For high-volume users in large corporations, S1 Corporate Banking delivers advanced features such as a powerful payments engine, advanced entitlements, an extended wire payments module, and reporting tools for managing the daily cash position of the most complex operation.
"S1 Enterprise will enable Sky Bank to deploy deep online capabilities to target both small business and corporate customers, and it enables them to do this with a low total cost of ownership," said Ron Young, vice president of product management for S1. "With a unified platform, Sky Bank can deploy, service, and maintain multiple applications more efficiently and cost-effectively."