Charlotte, N.C.-based First Union Corp. has announced an agreement to purchase Intranet Inc.'s Money Transfer System for wholesale payment processing and funds transfer.
Philip Bickley, a senior business systems analyst at the bank, said the installation of the system was a "major undertaking" for the $73 billion institution.
"Our goal was to find a system that would provide a high level of support for our products and services in relation to peer institutions and marketplace requirements," he said.
"The system will allow us to consolidate our operation and perform processing for our eight-state region while increasing productivity and efficiency," he added.
The Money Transfer System offers online integrated risk control, multibank processing, and connections with other banking applications for fund transfer operation.
The system operates on a Digital Equipment Corp. Vax computer and provides a single platform for the function.
Newton, Mass.-based Intranet Inc, specializes in developing wholesale payments-processing software for financial institutions.
The Money Transfer System provides Chips, Fed Wire. Fed Book Entry Securities, Swift, and telex interfaces on a multibank database