ICM Electronic Banking Services Inc. and NCR Corp. have launched BankTrack, an outsourced, Internet-based corporate cash management service.
With BankTrack, bank clients can connect to cash positions, projected balances, ACH payments, funds transfers, and other functions. The companies are marketing the technology as an alternative to expensive private-network connections.
BankTrack has a $20,000 start-up fee in addition to a monthly charge per account. ICM is among the first companies to offer Internet-based cash management on an outsourced basis, said Rajeev Agarwal, Tower Group senior analyst.
"Banks really don't have to do any major application development or any major investment in hardware or software," he said, which can be appealing to smaller institutions.
New York-based Arab American Bank, with $600 million of assets, is BankTrack's first client. Joseph J. Zuccala, senior vice president and chief administrative officer, said the system enables the bank to compete against money-center rivals.