FARMINGTON HILLS, Mich. - Michigan National Corp. has developed an Internet cash management service for its corporate banking customers.
The banking company, which has sold a Windows version of the cash management service, OptionOne, to about 800 clients, said it expects them all to adopt the Web version, which is supplied by Fundtech, a Jersey City payments software vendor.
Michigan National, a subsidiary of National Australia Bank Ltd., began developing OptionOne in February. It gives corporate customers information reporting, lockbox deposit totals, and controlled disbursement services. An automated clearing house origination capability also is expected this year.
The company also recently signed an outsourcing contract with S1 Corp. to offer retail Internet banking. Terms of that deal were not disclosed.