BankServ has entered into a relationship that would let banks use its wire transfer service bureau to provide Internet-based cash management services to corporate customers.
The deal is with Magnet Communications Inc. of Atlanta, which licenses Internet-based cash management and imaging software to banks that in turn sell related services to corporations.
BankServ is preparing its Global Funds Exchange's service bureau to use Magnet's iBank as the preferred front-end software for cash management.
David Kvederis, president of San Francisco-based BankServ, said he expects the integrated system to become operational by the end of the month. Commercial Bank of San Francisco, a BankServ client, would be the first to use it, he said.
Corporate customers of Global Funds Exchange's client banks would get access to cash management services through the banks' Web sites. They could initiate automated clearing house and wire transfer payments, stop payments, and request balance reports through the sites.