Competix.com Software To Be Used in 30 Banks
BURLINGTON, Calif. - Thirty financial institutions have signed agreements to use Internet lending software from Competix.com, the company announced.Competix.com's Credit Manager can be installed by smaller financial institutions in 30 days, and allows a loan transaction to be completed over the Internet in 30 minutes. The process includes filling out an application form, making the decision on the loan, and printing the final documents.
Banks currently using Credit Manager include Peoples Bank of Commerce in Cambridge, Minn., Security State Bank in Radcliffe, Iowa, and Union Bank of Arizona in Gilbert, Ariz.
William G. Fisher, chief executive officer, said, "Our customers say Competix.com solves a basic infrastructure problem for them by providing a fully automated solution at a cost that is a small fraction of any other available solution."
Credit Manager uses the Internet to deliver credit for a full range of personal and small-business products. The software can be customized to match an institution's own credit-granting policies.
Motorola in Wireless Financial Software Pact
NORTH YORK, Ontario - Motorola Inc., a provider of telephone hardware, and 724 Solutions Inc., a provider of software for mobile banking applications, have signed a memorandum of understanding to develop financial software that would run on wireless devices.The agreement would let 724 Solutions deploy its financial software in a variety of Internet-enabled Motorola wireless devices. The agreement would expand the ability of financial institutions working with 724 Solutions to reach more customers.
The two companies also plan to work together to identify and create software that meets the new mobile banking needs of financial institutions and network operators.
Additionally, in connection with 724 Solutions' recent initial public offering, Motorola has bought an equity stake in the company. Citigroup already has invested in 724 Solutions.
"Motorola is committed to offering consumers a secure and simple solution to performing financial transactions via their Web phones," said Janiece Webb, senior vice president of Motorola's personal networks group.
724 provides software that lets consumers access on-line banking and brokerage services through network service providers using digital mobile phones, personal digital assistants, two-way pagers, and personal computers.
