M&I Data Services Inc. has sold home banking outsourcing services based on software from Security First Technologies to 12 financial institutions.
New customers of the service include Area Bancshares, Telebank, and Provident Bank of Maryland. Five other institutions are expected to come on board by June, said an M&I spokeswoman.
Jeffrey W. Lunsford, vice president of business development for Security First Technologies, said third-party relationships will generate a significant amount of the user base for the company's software in the coming years.
"The numbers of banks outsourcing will far outstrip the number of banks that we will process ourselves," he said.
Security First Technologies has licensed its Virtual Bank Manager or Virtual Credit Card Manager software to 68 financial institutions.