Source: P&H Solutions
P&H Solutions, a FinTech 100 company and the leader in providing business banking solutions to financial institutions throughout North America, announced today the market response to its Enterprise Business Banking Product Suite (EBBP) has been overwhelmingly positive.
P&H has now received contracts from eight financial institutions that will implement the innovative EBBP product suite, which allows businesses of all sizes - from micro businesses to large corporations - to access a wide range of banking products and services from a single, easy-to-use system. This unique approach allows banks to convert small business customers currently using a retail system to the P&H EBBP, which results in increased revenue generating opportunities. In addition, the EBBP has all of the functionality required to convert customers from existing cash management systems. With the implementation of the new system, most banks will be able to retire several legacy systems and drive down their expense base.
"We are delighted with the enthusiastic reception that the latest release of P&H Web Cash Manager has received from institutions of all sizes throughout the US," said Ralph Dangelmaier, President of P&H Solutions. "Our Enterprise Business Banking approach clearly makes sense, both economically and functionally, by allowing banks to start their small business customers on a platform built for businesses instead of consumers. As their banking needs grow, customers will no longer need to switch platforms. This represents a major competitive advantage. Because of the flexibility and robust applications inherent in our single platform, we anticipate that our customers will be converting hundreds of thousands of business customers from their current retail platforms to the latest version of Web Cash Manager."
According to Susan Feinberg, Senior Analyst at TowerGroup, supporting Small Business customers as their financial needs change presents a challenge for most banks. "Having a single platform from which to serve businesses of all sizes provides institutions with the maximum flexibility to provide solutions to growing companies."
"With P&H Web Cash Manager's single platform approach, we will be able to increase efficiency and reduce costs by replacing multiple cash management systems with one system," said Paul May, First Vice President at East West Bank. "In addition, the enhanced features and functionality will allow us to offer a complete range of cash management products tailored to fit every type of business customer."
Butch Schutte, Senior Vice President of Old National Bank, says they were looking to serve their business customers from a single platform, no matter how small or large they were. "Web Cash Manager's broad range of functionality and flexible configuration will allow us to offer an extensive portfolio of products and services, meeting the needs of our wide-ranging client base located throughout six states," says Schutte. "Having a single platform will mean that micro and small business customers will no longer have to switch electronic banking systems when their banking requirements become more sophisticated. We believe this represents a significant competitive advantage for us."
"Having a single platform upon which to deliver our industry-leading banking products and services gives us a distinct advantage in attracting and retaining business banking customers," said Marshall Soura, Executive Vice President and Managing Director of the Global Solutions Group, Sovereign Bank. "Most banks offer small businesses only slightly enhanced versions of their consumer home banking products. With the P&H platform, Sovereign will be able to provide all business customers with a full range of sophisticated financial services and tools with a consistent and intuitive user interface."