Banc One to Offer System For Reconciliation on PCs
Several affiliates of Banc One Corp. are preparing to offer small and middle-market businesses a service that would let them reconcile accounts using microcomputers.
The system is based on software, known as Accuret, developed and manufactured by Intuit of Menlo Park, Calif.
Under the system, a customer's monthly statement would be processed on the bank's host computer. The data, transferred to a computer disk, would then be
sent the customer for electronic comparison with the customer's files.
Over the past six months, Banc One has been test-marketing the system at about 300 businesses near its headquarters in Columbus, Ohio. After evaluation in that area, the system will be rolled out - by yearend, the company said - to other Banc One affiliates and branches in Ohio, Michigan, and Kentucky.
Other units of the bank, including $12 billion-asset Bank One Texas, are expected to begin selling the system in 1992.
Speed, Accuracy Claimed
Banc One officials said Accuret lets customers reconcile their accounts 20 times faster then they could by manually and reduces errors.
In addition, the bank officials said, the service will increase fee income and improve loyalty among small-business clients.
"We are primarily a middle-market retail bank, so we are aware of the importance of offering a broad spectrum of services to those who bring us the most business," said John Russell, executive vice president of marketing at Banc One.
Others Using the Software
By the end of this year, Mr. Russell said, about 4,000 business customers of Banc One in Ohio should be using the Accuret software. Most of these businesses will average 200 to 1,000 transactions per month. Charges are based on volume. Each transaction costs 7 1/2 cents.
Along with the 31 billion-asset Banc One, several other institutions across the country - including First Interstate Bank of California - are using the Intuit software.
Each bank pays Intuit a monthly licensing fee based on its volume of business. Neither Banc One nor Intuit officials would disclose the fee.
Accuret runs on personal computers from International Business Machines Corp. or compatible hardware. The system requires no other computer equipment.
The software processes up to 500 transactions per minute, which marketers claim provides a 95% time saving over manual reconciliation. In addition, Accuret can interface with most of the accounting packages used by small business.