VIEWS: 23 PAGES: 3 CATEGORY: Business & Economics POSTED ON: 6/25/2010
Software providers and some community bankers agree: small business demand has grown lately for cash-management systems. By offering electronic cash-management software to small business clients, community banks can solidify relationships, promote other products and services and increase their penetration of the small business sector. Many community banks have had cash-management platforms to provide to their business customers, generally from their core computing processor. According to Joe Spatarella, a VP at Atlanta business technology provider Online Banking Solutions, tight liquidity is causing business leaders to manage cash flow more carefully; they're looking for positive-pay services, a deterrent to check fraud. In general, banks pay an implementation fee to get started and gain access to a vendor's software, then pay ongoing user fees based on how many small businesses use it.
with Interest T e c h T a l k Cashing In? the services a business would desire,” says Vicki O’Connor, vice president of product management and business services. Online Banking Solutions has launched Messenger Financial Small businesses are giving cash management systems a serious look. Center based on its Online Messenger 3.0 platform. Modern By AlAn le nh off Spatarella says the benefits Banking Systems offers a sweep of cash-management services account service. Neville says the S oftware providers and some community bankers agree: Small business demand has to a small business include “a complete information picture of all available funds, fast and easy company has retooled its core banking system to provide real- time transactions. Core technol- grown lately for cash-man- funds movement and the ability ogy vendor Data Center Inc. in agement systems. By offering to maximize cash and minimize Hutchinson, Kan., has introduced electronic cash-management borrowing.” Adds Bob Neville, iCore, a Web-based positive-pay software to small business president of core data process- solution for fraud prevention. clients, community banks can ing provider Modern Banking Metavante Corp. in Milwaukee solidify relationships, promote Systems Inc. in Ralston, Neb.: offers Business e-Banking, a other products and services and “labor savings, time savings and system that incorporates infor- increase their penetration of the increased revenue.” mation reporting, ACH, direct small business sector. Until recently, “price, packag- deposit of payroll, tax payments,
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