BankBoston Corp. has bought browser-based software from FICS Group, a Brussels-based bank technology company, to develop an electronic banking service for corporate customers.
Terms of the deal were not disclosed.
The bank is the latest institution to show interest in developing a corporate cash management service using Web browsers, such as Netscape Communications Corp.'s Navigator or Microsoft Corp.'s Internet Explorer.
Browser-based services will spare BankBoston from costly maintenance, support, and distribution related to software for personal computers, said Marshall Soura, managing director of BankBoston's global cash management group.
BankBoston expects to begin testing the service in August and make it commercially available in the first quarter of next year.
FICS also has sold its browser-based software to Bank One Corp. and Canadian Imperial Bank of Commerce.