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724 SOLUTIONS INC.
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Attention Business Editors:
KeyCorp to introduce wireless retail banking services using 724 Solutions software
Large multiline financial services company chooses 724 Solutions
to test-drive move to wireless services
CLEVELAND, OH, and TORONTO, ON, Sept. 5 /CNW/ - KeyCorp, (NYSE: KEY) one
of the U.S.'s largest financial services companies, and leading Internet
infrastructure software developer 724 Solutions (TSE: SVN; NASDAQ: SVNX),
today announced an agreement enabling KeyCorp to introduce interactive
wireless banking services to its Internet banking customers.
KeyCorp's wireless banking services - enabled by the 724 Solutions
Financial Services Platform (FSP) - will allow customers to access real-time
account information, transfer funds between accounts, pay bills and access
stock information on a variety of Internet-enabled wireless devices such as
digital mobile phones, pagers, and personal digital assistants (e.g. Palm
Pilots(R)).
The test phase is scheduled for the fourth quarter of 2000. KeyCorp has
chosen to have the FSP hosted in a 724 Solutions data centre during this first
phase, and managed by the 724 Solutions Application Hosting Group.
"Given that consumers today are more time-pressed than ever, we
anticipate that wireless financial services will emerge as a key application
because of the convenience offered by anytime, anywhere, any-device access,"
said Patrick J. Swanick, president and chief executive officer, Key Electronic
Services. "Building on our reputation as an innovator, our work with 724
Solutions is making it possible for KeyCorp to leverage the latest
developments in technology to provide our customers with the easiest and most
secure way to simplify their finances."
KeyCorp's Internet banking was rated among the top-five online banking
sites by SmartMoney magazine. An average of approximately 14.5 million monthly
transactions at KeyCorp are handled electronically, either via automated
teller machine (ATM), telephone, or PC/Internet channels, and KeyCorp was the
first nationwide bank to link its KeyCenter, ATM, telephone, and PC/Internet
transactions to offer customers real-time account information.
"KeyCorp understands that consumers' lives are hectic enough already, and
their financial services don't need to be," said Greg Wolfond, Chief Executive
Officer, 724 Solutions. "The collaboration between KeyCorp and the 724
Solutions team will give KeyCorp customers the convenience and power of being
able to perform important banking transactions securely at any time of the
day, from wherever they are using the Internet-enabled device of their
choice."
About KeyCorp
Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest
multiline financial services companies, with assets of approximately $85
billion. Key companies provide investment management, retail and commercial
banking, consumer finance, and investment banking products and services to
individuals and companies throughout the United States and, for certain
businesses, internationally. The company's businesses deliver their products
and services through facilities located in 46 states; a network of about 2,500
ATMs; telephone banking centers (1.800.KEY2YOU); and a robust Web site,
Key.com(SM), that provide account access and financial products 24 hours a
day.
About 724 Solutions Inc.
724 Solutions provides an Internet infrastructure solution to financial
institutions that enables them to offer personalized and secure mobile
banking, investment, and commerce services across a wide range of Internet-
enabled wireless and consumer electronic devices. The company provides end-to-
end customer support through its global application hosting and contact centre
services. 724 Solutions' customers comprise world-class financial institutions
whose combined customer bases total 165 million. 724 Solutions' common shares
are listed on the NASDAQ National Market (SVNX) and The Toronto Stock Exchange
(SVN). Headquartered in Toronto, Canada, the company has offices in London,
Paris, San Francisco, Santa Clara, Sydney, and Tokyo. For additional
information visit www.724.com.
This press release contains statements of a forward-looking nature. These
statements are made under the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. You can identify these forward-
looking statements by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar expressions.
The accuracy of these statements may be impacted by a number of business risks
and uncertainties that could cause actual results to differ materially from
those projected or anticipated, including risks related to: the risk that
technologies for the delivery of financial or e-commerce services over the
Internet and wireless networks will not be developed or be attractive to
consumers as anticipated; the risk that 724 Solutions and KeyCorp will not
successfully deploy or operate services based upon the 724 Solutions Financial
Services Platform; and other risks outlined in 724 Solutions' SEC filings, and
filings with Canadian Securities Administrators, including but not limited to
724 Solutions' registration statement on Form F-1, prospectuses, material
change reports, Annual Information Form, Form 20-F, Management Information
Circular, or filings on Form 6-K. 724 Solutions and KeyCorp do not undertake
any obligation to update this forward-looking information, except as required
under applicable law.
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For further information: Lisa Hamilton, 724 Solutions Inc.,
(416) 226-2900 x3280, lhamilton@724.com; Jill Arslanian, KeyCorp,
(216) 689-0065, jill_arslanian@keybank.com; Stephen Rouse, Maverick PR (for
724 Solutions Inc.), (416) 640-5518, stephenr@maverickpr.com; Monica
Zaied, 724 Solutions Inc. Investor Relations, (416) 226-2900 x2369,
mzaied@724.com
This press release concerns more than one organization.
To view releases from one of these organizations, please select from below.
724 SOLUTIONS INC.
KEYCORP
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