Principal Financial Services Inc. of Des Moines has become the first company to use a new online banking application from S1 Corp. of Atlanta.
Principal Bank, the Internet banking unit of Principal Financial Services, is offering customers S1's Personal Banking software, a component of the new Enterprise 3.5 suite, the vendor said Monday. The bank is planning to roll out S1's business banking software early next year.
S1 said it expects several other financial companies to start using Enterprise 3.5 products in the next few weeks.
The updated software includes modules that offer improved international banking, customer analysis, and personal financial management services.
S1, which had been planning to introduce Enterprise 3.5 last year, said in August 2005 that it would delay the rollout. The delay followed a July management shake-up in which S1 ousted Jamie Ellertson as its chief executive.
James "Chip" Mahan 3rd, the company's longtime chairman, a founder, and Mr. Ellertson's predecessor as CEO, succeeded him in that role but stepped down from all three positions last month. S1 did not say why he left, but it did say it has been under pressure from an unhappy investment group to sell itself. Last month the vendor said it would buy back 15% of its outstanding common stock but would not sell itself.
