KeyBank Implements Xenos Group's E-commerce Software with IBM(R) EDMSuite OnDemand to Deliver Customer Bank Statements on the Web
- Xenos' Documorph(TM) Enables One of America's Largest Financial Services Companies to Reduce Operational Costs Associated with Hard-Copy Output of Statements by 50 Percent -
DALLAS and TORONTO, Nov. 16 /PRNewswire/ -- FINANCIAL TECHNOLOGY EXPO '99 -- Xenos Group (TSE: XNS - news), a leader in software for online statement and bill presentment, today announced that KeyBank has combined Xenos' Documorph(TM) software with IBM® EDMSuite OnDemand, an enterprise document management solution, to deliver electronic bank statements to customers via the Internet. Using Documorph, KeyBank, a principal subsidiary of KeyCorp that offers banking and financial services through more than 1,000 branches in 13 states, has reduced its operational costs associated with hard-copy output of statements by 50 percent, while continuing to provide superior customer service.
Media are invited to visit the Xenos booth (#445) to learn more during show hours November 17th - November 18th at the Jacob K. Javits Convention Center in New York City.
KeyBank averages about 15 million electronic transactions a month through automated teller machines (ATMs), the telephone and Internet channels. KeyBank now has implemented one e-statement delivery solution -- Xenos' Documorph -- across the bank's three lines of business -- retail, corporate, and investment banking -- in a little more than one month.
''In the past, we had three different solutions,'' says Al Nixon, project manager at KeyBank. ''Now, we have one model that we will use no matter what comes along in the future. Already we are looking at extending the solution to our private banking products.''
KeyBank predicts it will handle more than 60 percent of its transactions electronically in the very near future.
''Documorph enables us to deliver electronic bank statements with the same content as traditional paper-based statements, but at a fraction of the cost,'' adds Nixon. ''The fact that we have reduced operational costs, coupled with the benefits our customers are receiving on a monthly basis, makes Xenos Group's Documorph a wise investment. And we hope that as our clients become acclimated with accessing their statements electronically, they may wish to forego hard-copy statements altogether.''
A flexible and robust solution for online customer communications, Xenos' Documorph is the only product today that successfully handles all of the big four presentment standards: HTML, PDF, TIFF and XML. The software enables companies to rapidly and seamlessly implement their e-statements and e-bills.
''We are pleased that KeyBank regards Documorph as an integral part of its business strategy -- now and into the future,'' says Martin Heenan, President of Xenos Group. ''By adopting the Internet and using Documorph, KeyBank is differentiating its customer services from traditional banks, while cutting operational costs.''
This project with KeyBank represents one of more than 10 projects in which IBM and Xenos have partnered to implement a comprehensive e-commerce solution.
''Xenos Group is delighted to announce the third of many projects in which we will team with IBM to deliver the 'best of the best' in e-commerce technology,'' adds Heenan. ''This ongoing success with IBM validates our position as the leader in the booming online statement and bill presentment industry.''
About Xenos Group
Based in Dallas and Toronto, Xenos Group (TSE: XNS - news; xenos.com) is a leader in software for online statements and bills. Using the world's most advanced transformation technology, the company gives customers the ability to convert any high-volume printed paper documents to any electronic format on any platform. Customers such as Bear Stearns, Bank of New York, Merrill Lynch, Manulife Financial, Bell Canada and the Canada Post Electronic Post Office use Xenos Group software to transform and distribute more than a billion document pages every year.
Xenos Group's Documorph(TM) software lets companies rapidly implement e-statements and Internet bill presentment, enabling the benefits of cost savings, cross-selling opportunities and closer customer relationships.
About IBM EDMSuite
IBM EDMSuite is enterprise document management for e-documents spread across and beyond the enterprise. IBM EDMSuite provides networked and integrated document management so businesses can stop handling paper and start using the best information technology for their e-business. IBM EDMSuite OnDemand is used for archiving, presenting and mining computer reports. You can find more information at ibm.com.
About KeyCorp
Cleveland-based KeyCorp (NYSE: KEY - news) is one of the nation's largest integrated multi-line financial services companies, with assets of about $83 billion. Through a nationwide network of offices, Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies across the United States. In addition to its offices, Key operates a network of 2,600 ATMs and telephone banking centers (800-KEY2YOU) that provide account access and financial products 24 hours a day. KeyCorp's Web site is key.com.
SOURCE: Xenos Group
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