Teknowledge Hosts Webinar for Financial Institutions on Consumer Initiated Funds Transfers
PALO
ALTO, Calif., March. 18, 2004 -- Teknowledge Corporation
(Nasdaq: TEKC
- News),
a leading provider of advanced software and services for the finance industry, announced it hosted a Web-based seminar on consumer initiated account to account (A2A) transfers with over 70 financial institutions in attendance.
Neil Jacobstein, CEO of Teknowledge, introduced the Webinar and said afterwards, “We are pleased by the level of interest in account to account funds transfers across a wide variety of US institutions.
We had in attendance five top-10 US banks, representatives from the country’s leading credit unions, as well as several of the largest finance industry service providers. While the largest group attending were from banking, fully a third of our audience was from the thrifts, and 25% from institution service providers. Our focus in the webinar was on the financial opportunity and practice of account to account transfers.
Teknowledge is positioned with the right product, TekPortal™ ACH Transfers, to meet the A2A needs of a spectrum of financial institutions from the largest financial organizations to community banks and credit unions."
Gwenn Bézard, Senior Analyst for Celent Communications®, provided the audience with an overview of A2A, including recent market trends.
Mr. Bézard’s data pointed to significant consumer demand for the A2A service, as well as the substantial revenue potential for the financial institution.
NetBank’s® Chief Technology Officer, Tom Cable, and David Page, NetBank Vice President of Operations Control, discussed their three-year experience in offering A2A.
They provided industry best practices for ACH origination including account verification and back office controls, A2A volumes & growth, as well as how NetBank utilizes TekPortal to implement the service.
Rodney Robinson, General Manger of Teknowledge’s Financial Systems group, rounded out the discussion with the key components of the solution, including: identity authentication, external account ownership verification, user communications & feedback, risk and fraud control, and integration options for the institution’s existing systems and processes.
The attendees learned how TekPortal client institutions are able to make the online A2A deployment seamless to the end-user and the institution, by integrating with their existing internal transfer and ACH processes.
TekPortal ACH Transfers was the first ACH transfer product to use real-time credential authentication for immediate account ownership verification, when Lighthouse Bank (TM) originated this service in April 2000.
This allowed their customers to setup, verify and issue an ACH debit or credit immediately, versus the typical three-day delay prevalent in most account ownership verification scenarios. Subsequently, Lighthouse Bank chose to add the TekPortal Account Aggregation module to their ACH Transfer service, and saw a four-fold increase in customer acceptance of the combined offering.
For Internet access to a complete recorded copy of the Web seminar, please send an e-mail to: bnarasin@teknowledge.com.
About
Teknowledge
Teknowledge
Corporation provides advanced software and services to
transform business data into value. Teknowledge is the
largest provider of financial account aggregation software
worldwide and a prime contractor for R&D in Internet
security, Web-based training, distributed systems and
knowledge processing. Founded in 1981, Teknowledge holds
an extensive intellectual property portfolio, including
nine software patents. More information about Teknowledge
may be found at www.Teknowledge.com.
This
press release contains forward-looking statements relating
to the demand, market acceptance, and anticipated growth
of products and services offered by the Company that are
subject to a high level of uncertainty. All forward-looking
statements involve risk and uncertainties, and actual
results could differ materially from those set forth in
the forward-looking statements contained herein.
CONTACT: investors,
Dennis Bugbee, +1-650-424-0500, or media, Pushpita Prasad, +1-650-429-2723.
SOURCE: Teknowledge
Corporation
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