Zions Bancorp. has licensed the iBank Web-based cash management and business banking software from Atlanta-based Magnet Communications Inc.
The software will be installed at Zions offices in Utah and Idaho, as well as at the offices of two subsidiaries, Vectra Bank in Colorado and Nevada State Bank. Zions will install software for balance reporting, stop payment, book transfer, automated clearing house, money transfer, lock box, controlled disbursement, and foreign exchange applications in phases, beginning in the fall and continuing through June.
The software will let Zions provide secure services and transactions over the Internet and through private networks. The bank did not disclose the license's price. Magnet can also run the iBank software for its service bureau clients.