D.C. Bank Chooses Magnet System

Business customers of Washington, D.C.-based Riggs Bank will soon find that managing their accounts is easier and more efficient.

Riggs has decided to move away from its current Windows-based system and adopt a new Web-based system-the Magnet Internet Banking Suite-to provide business banking services to its customers.

The Magnet system allows Riggs Bank to offer cash management services-typically only offered to large corporate customers-to smaller and medium-sized enterprises and businesses at an affordable price, said Gerald Baron, executive VP and chief marketing officer at Magnet Communications.

Riggs Bank needed a reliable and secure platform for offering the broadest suite of cash management and business banking services. One of the primary benefits of the Magnet system is that it will provide a seamless experience to Riggs' business banking customers. The bank now supports a wire platform, an image platform and information reporting. Magnet's Web-based system will consolidate these services into a single platform, so that customers only log in once.

"One of the things we recognized was that we needed to provide our customers a seamless platform," said Eartha Morris, executive VP of bank operations at Riggs. "We wanted to be a one-stop shop for all of our cash management products and services."

The new system gets the bank out from under the heavy overhead associated with supporting multiple platforms, said Judith Lewis, group VP of cash management. "It's one platform for all the services, and we'll be able to roll this out to all of our customers."