not really earth shaking news, but news...
First Trust Corporation Taps Bottomline Technologies for Automated Wire Transfer Solution
Bottomline's PayBase(R) package to automate wire transfers and e-payments for First Trust Corporation
PORTSMOUTH, N.H. and DENVER--(BUSINESS WIRE)--Oct. 28, 1999-- Bottomline Technologies (NASDAQ:EPAY - news), a leading developer of Internet payment and electronic commerce solutions, today announced that First Trust Corporation has licensed the PayBase® suite for electronic payments. First Trust will utilize Bottomline's software to automate the organization's incoming and outgoing electronic wire transfers to its bank, totaling over 15,000 per month.
''The development of this customized wire transfer package sets the stage for future advances, and provides the marketplace with a nascent cash management tool that we plan to expand even further,'' remarked Dan McGurl, President and CEO of Bottomline Technologies. ''The elimination of manual data entry will obviously free up staff time, and minimize errors through data entry. Even more importantly, Bottomline's outstanding solution will enable First Trust Corporation to completely re-engineer their wire transfer processes. The product is sure to bring substantial cost savings and measurable ROI to First Trust.''
Bottomline's PayBase package will enable First Trust to implement a fully automated, electronic disbursement and wire transfer program, replacing its former manual-based method and dramatically cutting costs. As Dave Techmanski, Assistant Treasurer at First Trust Corporation explained, ''Previously, First Trust's wire transfers were manually keyed into a bank data entry system. This meant our staff had to key in over 400 items a day twice -- once into our financial systems, and once into our bank's wire transfer system.''
Bottomline's software will capture and consolidate wire transactions and deliver the output file, mapped specifically to bank standards, to First Trust's Bank. The reformatted file will be processed through the Bank, and confirmation messages for each wire transfer will automatically be delivered back to First Trust. ''Bottomline worked with us to create a truly consolidated wire transfer and cash management reporting system for our disbursement activity,'' confirmed Mr. Techmanski.
In addition to the solution provided for First Trust, Bottomline Technologies markets its PayBase and Secure WebPay software suites to banking and corporate users nationwide. Bottomline's PayBase suite enables organizations to manage every payment - check or electronic - by integrating multiple financial applications into a single, secure package. The product also functions by transitioning organizations from paper-based check systems to electronic payments and receipts. Using PayBase, organizations can create bank-compliant electronic payments, deliver the remittance advice via fax, email, or paper, and access real-time disbursement information from any remote location. For companies opting for traditional paper-based methodologies, PayBase issues LaserChecks on blank paper, and offers a powerful Check Fraud Avoidance system.
About First Trust
First Trust Corporation is one of the nation's largest trustees of self-directed retirement plans, administering nearly 192,000 retirement and custodial accounts valued at $18.43 billion. Headquartered in Denver, First Trust is a wholly owned subsidiary of Fiserv, Inc. (NASDAQ:FISV - news), an independent, full-service provider of integrated data processing and information management systems to the financial industry. As a leading technology resource, Fiserv serves more than 10,000 financial service providers worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisors, insurance companies, mortgage banks and savings institutions. Headquartered in Brookfield, Wis., Fiserv can be found on the Internet at www.fiserv.com.
About Bottomline Technologies
Bottomline Technologies® (NASDAQ:EPAY - news) is a leading provider of Internet payment and electronic commerce solutions. The Company's PayBase® - Payment Server32 suite enables organizations to transition from traditional paper checks to electronic payments, to engage in electronic commerce, and to control all payment functions from a single platform. The Company's NetTransact, a web-based business-to-business bill presentment and payment suite, is designed to enable organizations to create on-line communities between enterprise billers and their trusted partners, customers, and employees. Bottomline's solutions are utilized by over 2,500 organizations representing every major industry sector, from education, government and healthcare to finance, manufacturing, and retail. The Company is a member of Microsoft Solution Provider, Independent Software Vendor (ISV) and Value Chain Initiative (VCI) programs, and also has partnership arrangements with key software vendors, including Oracle, SAP, PeopleSoft, Lawson, and J.D. Edwards. Founded in 1989, Bottomline maintains its headquarters in Portsmouth, NH and has satellite offices located in most major cities. For more information, dial (800) 243-2528 or visit Bottomline on the web at www.bottomline.com.
Cautionary Language
This press release may contain forward-looking statements that involve risks and uncertainties, including statements regarding expected benefits of use of the Company's products and future growth or results. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements are competition, market demand, technological change, strategic relationships, recent acquisitions, international operations and general economic conditions. For additional discussion of factors that could impact the Company's financial results, refer to the Company's Form 10-K filed February 1999.
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Contact:
Bottomline Technologies
Ellen Backus
(978) 740-0780
pr@bottomline.com
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