Some news about today....
earnings -.77 per share... and this article about signups.
Headline: SFNB Subsidiary Security First Technologies Signs 48 Financial
Institutions with Aggregate Assets Totaling More Than $760 Billion
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ATLANTA, Aug. 12 /PRNewswire/ -_ Security First Technologies (S1), a
wholly owned subsidiary of Security First Network Bank (NASDAQ:SFNB)
(www.sfnb.com), announced today it has signed contracts or letters of intent
with a total of 48 financial institutions that plan to use the S1 solution to
provide financial products and services over the Internet. S1's client roster
has grown by 14 and nearly doubled in aggregate assets since May to include 15
of the top 100 U.S. banks. By year-end, the company expects to meet its goal
of licensing its software to or providing Internet data processing for 55 to
75 financial institutions, including 20 of the top 100 U.S. banks.
"We are not surprised by the rate at which the financial services industry
has embraced the Internet. When we began to develop our solution nearly three
years ago, we recognized that the Internet had the potential to fundamentally
change the way people bank," explained James S. Mahan III, co-founder and
chairman of Security First Technologies. "We welcome the industry's
endorsement of our comprehensive solution which will enable financial
institutions to fully exploit the Internet's potential well into the future."
The following table reflects the financial institutions which plan to
offer their customers secure Internet banking using the S1 solution:
As of August 12, 1997 Entities Assets Top 100 U.S. Banks
(billions)
Financial institutions
with direct license 6 515 4
Financial institutions
using S1 Data Center 18 220 10
Financial institutions
using bank data processing
center 24 29 1
Total 48 764 15
As part of its strategy to assist financial institutions of all sizes in
offering their services securely over the Internet, the company has segmented
the industry into three target groups: 1) large financial institutions with
the resources to effectively operate the Internet banking solution in-house;
2) financial institutions which can more efficiently offer Internet banking
through the S1 data processing and customer service center; and 3) bank data
processors that will provide the S1 solution to their financial institution clients. Of the 48 financial institutions currently signed to use the S1 solution, six are slated to manage their Internet banking operations in-house. Another 18 have chosen to outsource to the S1 data processing and customer service center in Atlanta, and 24 are working with S1 strategic bank data core processor partners Computer Services Inc., FiServ, Inc. and M&I Data Services.
Among S1's clients are those institutions recently named as members of the company's Strategic Tactical Advisory Relationship (STAR) Program, including Barnett Bank, Citicorp, Huntington Bancshares Incorporated, The Principal Financial Group, Synovus Financial Corp., and Wachovia Corporation. The STAR Program was created to involve industry leading financial institutions in the development of future applications within S1's Virtual Financial Manager (VFM) Internet banking and financial services solution. The support of these well respected institutions allows S1 to merge new technologies with the practical experience of its clients to develop systems that meet the needs of financial services providers well into the next century.
About Security First Network Bank
Security First Network Bank (Nasdaq: SFNB)(www.sfnb.com), the world's first Internet bank, opened its doors to the Internet community on October 18, 1995. FDIC-insured SFNB provides its services using Virtual Financial Manager (VFM), a software system created by and licensed through its wholly-owned subsidiary Security First Technologies (S1). Utilizing a multilayered security platform also developed by S1, SFNB's online transactions are protected by the same trusted operating system technologies used by the U.S. Department of Defense and other military intelligence agencies.
About Security First Technologies
Security First Technologies (S1) (www.S1.com) is a wholly-owned subsidiary of the world's first Internet bank, Security First Network Bank (Nasdaq: SFNB) (www.sfnb.com). S1 offers financial services and security technology, providing a comprehensive and scaleable Internet solution for the financial services industry. Completing S1's comprehensive package are a number of services including consulting, implementation, marketing support, training, and customer service and data center outsourcing. Utilizing both its financial services and security expertise, S1 successfully launched SFNB in 1995. Today, S1 markets its Internet banking solutions directly and through leading financial services providers worldwide.
Forward-Looking Statements
Statements in this news release concerning future results, performance, expectations or intentions are forward-looking statements. Actual results, performance or developments may differ materially from those expressed or implied by such forward-looking statements as a result of known or unknown risks, uncertainties and other factors, including those identified in the company's prospectus dated May 23, 1996, and those described from time to time in the company's other filings with the Office of Thrift Supervision, press releases and other communications.
Virtual Financial Manager is a trademark of Security First Technologies (S1). All other brand or product names are trademarks or registered trademarks of their respective companies.
SOURCE Security First Network Bank
-0- 08/12/97
/CONTACT: Douglas H. Brown, Director, Marketing, 404-812-6781;
Email: dbrown@S1.com or Robert F. Stockwell, Chief Financial Officer,
404-812-6780 or Email: stockwell@sfnb.com, both of Security First
Technologies/ |
