NEW YORK, PRINCETON, N.J., and RESTON, Va., May 26 /PRNewswire/ -- Summit
Bank, principal subsidiary of Summit Bancorp (NYSE: SUB), today added
transactional capabilities to its online banking site
(http://www.summitbank.com). In doing so, Summit has joined the ranks of
leading financial service companies offering transactional services online.
Customized by Internet professional services company Bowne Internet
Solutions, with a complete in-house Internet banking system using InteliData's
(Nasdaq: INTD) Interpose(TM) product suite, the Internet site enables Summit
Bank customers to enroll themselves in the Summit Online Banking service,
login, check the summaries and activity details of all their personal
accounts, transfer funds and change their personal identification numbers
(PINs).
Bowne was responsible for the customization of the online banking
functionality, providing a seamless link between the content and transactional
capabilities on the site.
"We wanted to focus on providing core banking services with a different,
more customized approach," said Summit Vice President Mark LaPenta, Manager of
Direct Bank Technology.
Summit Internet Manager Hilary Blackburn commented, "Summit Online Banking
is an important value-added service for our customers, with the emphasis on
convenience."
Summit's approach was focused on the primary user motivation for visiting
the site -- transacting. Rather than an off-the-shelf, template approach,
transactional data has a customized presentation through site navigation and
content delivery.
An example of this is how the account activities area was designed so that
users are not required to scroll to the bottom of a web page to view the most
recent activities in their account. Activities are listed in reverse
chronological order, with the most recent transactions appearing first, which
is consistent with Summit's other customer service applications.
Bowne simplified the process of transferring funds between accounts. Once
a user completes the steps necessary to transfer funds a Continue button
encourages the user to check the updated account balances, which are
highlighted in blue, in the Account Summaries section.
InteliData is using the Open Financial Exchange (OFX) standard message set
to integrate Summit's Web site with its mainframe legacy system. InteliData's
Interpose(TM) OFX Gateway product will enable Summit customers to access
up-to-the-minute account information using Bowne's customized interface at
http://www.summitbank.com. The Interpose OFX Gateway will reside at the Summit data
center and provide connectivity from the bank's Web servers to the bank's
Interpose(TM) Transaction Engine software running on the mainframe.
"This positions Summit for the future as we integrate bill payment and
other opportunities that may present themselves," added Blackburn.
"With the explosion of the Internet and electronic commerce, Summit has
recognized the need to build a world class Internet banking system that
provided the utmost in scalability, reliability, and the ability to process
high volumes of transactions," said InteliData President and CEO Al Dominick.
Bowne and InteliData designed the Summit Online Banking service to work in
conjunction with an OFX server. The OFX specification enables the
consolidation and exchange of electronic financial data over the Internet.
Bowne Internet Solutions (http://www.bowneinternet.com), a business unit
of Bowne & Co., Inc. (Amex: BNE), creates, builds and evolves online
businesses for the financial services industry by using a unique methodology
that integrates strategic consulting, interactive design, technology
consulting, development and integration.
Bowne & Co., Inc., established in 1775, provides financial printing and
new media solutions by combining superior customer service with appropriate
new technologies to manage, repurpose and distribute a client's information to
any audience, through any medium, in any language, anywhere in the world. The
world's largest financial printer, Bowne is also a leading provider of
localization services to the software industry, and is among the leading
Internet development companies. By providing outsourcing services, Bowne
offers its customers an integrated way to design and manage their information
flows to take advantage of the latest technologies for creating, storing,
moving, presenting and utilizing information.
Summit Bancorp is a $33 billion regional bank holding company
headquartered in Princeton. Through its banking subsidiaries, it operates
over 450 traditional and in-store branches in New Jersey, eastern Pennsylvania
and Connecticut and an extensive network of ATMs. The company provides
financial services to individuals, businesses, not-for-profit organizations,
government entities and other financial institutions through its commercial
and retail banking, investment management and private banking lines of
business.
InteliData (http://www.intelidata.com), with headquarters in Reston, Va., is a
leading supplier of Internet banking and bill payment technology to over 20 of
the top 100 U.S. financial institutions and financial service providers. The
Company's products provide financial institutions with highly scalable and
reliable Internet transaction and payment processing solutions that give them
total control of customer information and payment processing. These services
allow consumers to securely and reliably check account balances in
"real-time", view account transaction history, transfer funds between
accounts, and do online bill payment to any of the consumers' billers. The
Company's products include the Interpose(TM) Transaction Engine, Interpose(TM)
OFX Gateway, and the Interpose(TM) Payment Warehouse. On April 19, 1999,
InteliData and Home Financial Network signed a letter of intent to merge to
form a new Company tentatively named Spherys.
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995: This release contains forward looking statements that are subject to
risks and uncertainties, including, but not limited to the successful
completion of the anticipated merger with Home Financial Network, Inc., the
impact of competitive products, pricing pressure, product demand and market
acceptance risks, bank year 2000 compliance issues, reliance on resellers,
pace of consumer acceptance of home banking, bank mergers and acquisitions,
risk of integration of the Company's technology by large software companies,
the ability of financial institution customers to implement applications in
the anticipated time frames or with the anticipated features, functionality or
benefits, reliance on key strategic alliances and newly emerging technologies,
the on-going viability of the mainframe marketplace and demand for traditional
mainframe products, the ability to attract and retain key employees, the
availability of cash for growth, product obsolescence, ability to reduce
product costs, fluctuations in operating results, ability to continue funding
operating losses, delays in development of highly complex products and other
risks detailed from time to time in InteliData filings with the Securities and
Exchange Commission. These risks could cause the Company's actual results for
1999 and beyond to differ materially from those expressed in any forward
looking statements made by, or on behalf of, InteliData.
SOURCE Bowne Internet Solutions
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Related links:
http://www.bowneinternet.com
http://www.summitbank.com http://www.intelidata.com
CONTACT:
Catharine Fennell, Vice President, Marketing
of Bowne Internet Solutions, 800-203-8009, ext. 341,
catharine.fennell@bowneinternet.com; or Rob Borella,
Communications Director of InteliData, 703-259-3010,
rborella@intelidata.com
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