Redwood Empire Ban has licensed its internally developed cash management software to Pacific Western Bank.
Under the terms of the contract, Pacific Western, a $1.1 billion-asset bank based in San Jose, Calif., will market the software to its corporate customers. Redwood, a $400 million-asset banking company based in Santa Rosa, Calif., will receive a percentage of the monthly revenue. Redwood said it plans to expand marketing of its electronic banking software, which is developed by its automation subsidiary. Redwood has licensed previous versions of the software.
Pacific Western is the first to buy a new version of the software aimed at larger corporate customers, which allows cash managers to transfer funds and get real-time reports of cash and daily account reconcilements.
Redwood anticipates that software sales "will become an increasingly large contributor to the company's bottom line," said Patrick W. Kilkenny, president and chief executive officer of National Bank of the Redwoods, Redwoods lead bank.