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SunTrust launches online cash manager service for SMEs

21 July 2005  |  2814 views  |  0 Source: S1 Corporation

The S1 Business Banking solution from S1 Corporation (NASDAQ:SONE), a leading provider of integrated front-office applications for financial institutions, has been deployed by SunTrust Banks, Inc., one of the nation's largest commercial banking organizations, as its Online Cash Manager product with three classes of service for the small to mid-market business segment.

The solution is hosted in S1's state-of-the-art data center and went live for SunTrust recently. New clients are now being enrolled on the solution along with the existing client base being gradually migrated.

"S1 helped us implement S1 Business Banking just seven months after selection and now the solution helps us meet a need for a product set that truly fills the gap between retail and corporate functionality," said David Saporito, senior vice president and head of Product Management at SunTrust. "S1 Business Banking not only facilitates unprecedented speed to market, but also offers the performance, scalability, and security we require as a leading bank."

"S1's strategic relationship with SunTrust, a top-10 bank, is a strong endorsement of the maturity of S1 Enterprise and our leading position in wholesale banking," said Jaime Ellertson, chief executive officer of S1. "S1 Enterprise applications, including S1 Business Banking, reflect the company's extensive industry experience, knowledge of our customers and end users, and ability to design and effectively deliver solutions that truly help large banks such as SunTrust address their priorities. We're looking forward to continuing our strategic partnership with SunTrust."

The S1 Business Banking solution provides a unique set of capabilities for business owners and operators to simplify operations, including tools that help them maximize cash flow, manage payables and receivables, and obtain timely management information. The functionally rich, easy-to-use service features robust modules for accessing account information, making payments and transfers, and performing other check services online. The application also offers a small-business oriented user interface and multiple-user access with flexible entitlement and approval levels.

Additionally, the solution includes value-added features - such as online statement and check images, bill pay, direct deposit, and ACH tax payment modules - to serve business users ranging from small-office/home-office users to mid-sized organizations with dozens of employees.

These advanced tools were formerly accessible only to the largest corporations. Now, with the S1 solution, SunTrust has the ability to serve a whole new market with a product specifically designed for it.

With S1's administration tool, S1 Application Manager, SunTrust can easily create classes of services - customized product packages - to reach its various market segments.

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