S1 Corporation (Nasdaq: SONE) announced today the general availability of S1 Corporate Banking 2.1, setting a new standard for Internet global commercial banking applications.
The second release of S1 Corporate Banking on the S1 Enterprise Platform delivers the industry's most extensive wire transfers module, integrated custom payment reporting features, and flexible entitlement and approval configurations. S1 Corporate Banking is designed to help financial institutions drive the growth of their domestic and international client bases and lower costs by consolidating multiple payment systems onto a common platform. Bank of America is the first bank to leverage the powerful capabilities of Corporate Banking 2.1.
With S1 Corporate Banking 2.1, the Company takes the lead in introducing the industry's most extensive wire transfer capabilities including seven wire payment types: Fedwire, international, drawdowns, multi-bank, drafts, advice-to-receive and same-day federal tax. A new integrated payments reporting feature allows corporations to access standard bank payment reports and create customized reports to meet specific data requirements. A portal dashboard provides users with a quick view of transactions that require action and the flexibility to set tiered approval and entitlement chains. In addition, S1 has further enhanced the product's real-time capabilities, user interface and many core functions.
"Corporate Banking 2.1 is proof of our commitment to helping the world's leading banks capture a greater share of the estimated $12.6 billion cash management market," said Ross McKay, vice president of product management at S1 Corporation. "This latest version of the product marks another milestone in S1's Enterprise strategy by enabling financial institutions to easily integrate all electronic payments applications, existing and third-party systems on a single platform, and cost effectively deliver services that will improve their customers' cash management productivity."
S1 Corporate Banking is designed to meet the specific needs of banks serving global companies. The application provides multi-currency, multilingual, multi-bank and multi-payment format support. It offers broad-based functionality including information reporting, global payments, check services, file services, and customer service features. Built on the S1 Enterprise Platform, a single J2EE-based open architecture, S1 Corporate Banking 2.1 allows banks to integrate all customer-facing functionality and easily add new capabilities to significantly reduce maintenance, implementation and integration costs. The solution also enables banks to take advantage of S1 Application Manager, a single administration tool across all payment systems that helps to significantly streamline sales and customer set-up and accelerate revenue generation.
S1 Corporate Banking 2.1 is offered as part of S1's comprehensive range of business solutions, which also includes S1 Trade Finance, S1 Business Banking and S1 IBS Cash Management.