Brokat Financial Systems, the U.S. subsidiary of Brokat Infosystems of Germany, has introduced an outsourcing option for corporate Internet banking.
The service bureau, slated to be in operation by the end of this quarter, will let banks offer corporate and small-business cash management services via a customer's preferred electronic channel.
The Brokat offering includes balance reporting, special reports, domestic and international wire transfers, stop payments, automated clearing house initiations, and account transfers. Positive pay and image delivery services are to be available by yearend.
The system is being used by eight of the 20 largest U.S. banks and more than 25 financial institutions throughout North America.
A large regional U.S. bank is scheduled to begin using the outsourcing service in October, said Scott Pranger, president of Brokat Financial Systems.
The service bureau is to be sited in Norcross, Ga., and Internet connectivity will be provided by MCI Worldcom.