North America Bytes

Citibank e-Business, a division of Citigroup, has launched a Web-enabled treasury outsourcing solution --Citibank Agency Treasury Services.

Citibank Agency Treasury Services has been working in partnership with customers and treasury services software provider Trema to deliver a superior Web-enabled service. The enhanced capability brings to market an end-to-end solution, enabling companies and financial institutions to use integrated treasury management applications to reduce costs, while simultaneously increasing levels of control, reporting and information.

Through Citibank Agency Treasury Services, customers will be able to outsource complete treasury operations or selected specific related functions, such as risk management or regulatory reporting.

Citibank's customers will benefit from online access, providing straight through processing (STP) of transactions, inputting of deal requests, authorization of transactions and access to real-time positions on a global basis. By integrating the treasury platform with the full range of Citibank and third party services, as well as providing access to the local network (over 100 branches), Citibank is providing corporate treasurers with a complete picture of their treasury position regionally and globally, and is fully leveraging both the bank's global network and services.

"Citibank Agency Treasury Services provides our customers with direct access to our treasury management expertise, unsurpassed global network and the very latest treasury technology", said Ineke Bussemaker, global head of Citibank Agency Treasury Services. "As one of our core capabilities, our customers benefit from Citibank's economies of scale, freeing up their resources to focus on more strategic, value-added activities. In addition, customers can avoid the heavy investment costs associated with ever changing technology".

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Wilmington Savings Fund Society (WSFS), Wilmington, Del., has signed an agreement with Metavante Corporation, Milwaukee, Wis., to provide a comprehensive suite of bank outsourcing solutions. Metavante is the financial technology subsidiary of Marshall & Ilsley Corporation.

Metavante will provide WSFS with products and services that support financial account processing, electronic banking, electronic funds transfer and customer relationship management (CRM). Metavante converted WSFS to its Electronic Banking solution in July 2002 and anticipates converting all remaining services in October 2002.

"After spending nearly a year and a half reviewing prospective providers to meet our outsourcing needs, we chose Metavante because its products and services closely matched our strategic position, which in turn will help WSFS meet our long-term business goal of being a high-performing, customer-centered financial services company in Delaware and the surrounding area," said Barbara J. Fischer, senior vice president, chief technology officer, WSFS. "Not only did Metavante receive very favorable responses during our user-evaluations, but all levels of WSFS management, including associate, senior and executive level managers, approved of the Metavante technology-based business solutions."

WSFS, the primary subsidiary of WSFS Financial Corporation, is one of the oldest financial institutions in the country and operates 21 retail-banking offices within Delaware and southeastern Pennsylvania.

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SafeCHECK announced it is expanding production and accepting transactions for the SafeCHECK point-of-sale check verification and electronic check conversion services with Bank of America and a number of other clients.

SafeCHECK, available through check verification companies and electronic check processors, provides merchants with an instant verification that the customer's account is open and there are sufficient funds to cover the check. It also can immediately debit those funds using existing ATM networks, in which case, the customer gets back a cancelled check at the time of the transaction.

Today, check verification is done primarily against outdated information, or not done at all. In addition, settlement of the check transaction can take several days through ACH or current check clearing systems, where it can be cleared instantly and provide guaranteed funds with SafeCHECK. Banks participating in SafeCHECK will be at the forefront of driving down the $11.5 billion in check-related losses sustained by businesses each year.

"Merchants are looking for ways to reduce the risk of accepting checks," said Scott Collary, senior vice president, Bank of America. "By verifying funds against account balances, SafeCHECK provides a simple, integrated and secure way to reduce the risk of check fraud."

Bank of America joins Union Bank of California, N.A., ABN AMRO, Union Planters, BB&T and Wachovia as participants in SafeCHECK. USBank and Fleet National Bank will begin accepting SafeCHECK transactions during the next six months.