Security First Technologies http://www.snfb.com has announced the release of Virtual Credit Card Manager(TM) (VCCM), the first comprehensive online application for credit card management in the industry. S1 also has released an upgrade to its flagship product Virtual Bank Manager(TM) (VBM), which extends the product's offering to include interest checking and savings accounts, in addition to basic checking and electronic bill payment.
VCCM, the second application available in the Virtual Financial Manager(TM) (VFM) suite of secure Internet banking and financial management software applications, provides customers Internet access to credit card balance, interest rate, payment and transaction history information. Used in conjunction with VBM, VCCM links credit card data to other online accounts, allowing customers to pay their credit card bills instantly from their Internet checking accounts. Customers can even schedule to pay monthly credit card bills -- either minimum balance, entire balance or a specified amount -- automatically on the due date. A "Payment Due" alert also can be added to guard against late fees. In addition, customers can view current posted credit card transactions online at anytime, including transactions from past and future billing cycles, and transaction categories help them track their spending. Financial institutions using VCCM also can promote additional products and services through sign-on incentives and usage bonuses.
With VBM, a financial institution's Internet banking customers can open checking, savings, money market and individual retirement accounts over the World Wide Web. Using the S1 solution, financial institutions can offer their customers the convenience of electronic bill payment and funds transfer, automatic account reconciliation, digital imaging of cleared checks, customized reporting functionality (for budgeting, cash flow and tax purposes), 24-hour customer service via e-mail, the ability to download account information into popular personal financial management software packages, and more.
"The introduction of Virtual Credit Card Manager represents yet another step toward our goal of developing a Virtual Net Worth Solution," said Charles W. Ogilvie III, president of Security First Technologies, financial services division. "The VFM suite allows financial institutions to offer their customers integrated financial products and services, strengthening the industry's role in the payment system while providing the customer with added convenience and control over their personal finances."
In addition to reducing operating costs and improving customer retention, Ogilvie explained that the browser-based VFM suite provides significant benefits to financial institutions and their customers. VFM offers all of the functionality of personal financial management software without requiring the financial institution to issue software updates to all of its customers on a variety of platforms (Windows, Macintosh). And unlike personal financial management software packages, all information is stored on the financial institution's server, allowing customers to access their automatically updated account information at anytime from any PC with Internet access, or through future browser devices such as screen phones, personal digital assistants and cable television.
Ogilvie added that the VFM suite ultimately will include a variety of applications, currently under development, such as brokerage, loans, corporate cash management and insurance services. The browser-based VFM applications enable financial institutions to provide disparate financial services and products through a single platform, integrating those products into one balance sheet for the customer.
As with all VFM applications, VCCM is available as an "add-on" to VBM or as a stand-alone product. In addition to licensing the VFM suite of software applications, S1 also offers data processing and technical support through its data center in Atlanta. Four of the nation's top seven core processors also offer VFM as an outsourced Internet banking and financial management solution to their financial institution customers.
Security First Technologies (S1)(TM) (www.s-l.com), is a wholly owned subsidiary of the world's first Internet bank, Security First Network Bank (www.sfnb.com). S1 offers financial services and security technology, providing a comprehensive Internet software solution for financial services and other industries. S1's financial services division (formerly Five Paces, Inc.) provides turnkey solutions for financial institutions that want to offer products and services over the Internet in a secure environment. S1's network security division (formerly SecureWare, Inc.) draws on a decade of experience designing network security solutions for government agencies, Fortune 500 companies, and, most recently, for financial institutions, setting an industry standard for secure transactions over the Internet. Completing S1's comprehensive package are a number of services including consulting, implementation, marketing support, training, and call/data center outsourcing. S1, utilizing both its financial services and security expertise, launched SFNB in 1995. Today, S1 markets its Internet solution and network security products directly and through leading solution providers worldwide.
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