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today that at the end of the first quarter, 100,000 accounts, representing
more than 70,000 customers of client financial institutions, are using S1's
Virtual Financial Manager(TM) solution to bank, pay bills and manage their
money over the Internet.
"It's quite a milestone for us to reach the 100,000 accounts level," said
James S. Mahan III, chief executive officer of Security First Technologies.
"Many of the institutions we serve are just starting to launch their
transactional web sites, and others are just beginning to market their new
services to their customers. We expect to see significant growth in users of
our banking software in the coming months. It's tremendously satisfying to
see our client institutions and their customers embrace our technology," he
said.
More than 69,000 accounts are processed through the S1 Data Center. The
balance is processed by client institutions in-house or through third party
data processors. Twelve (12) institutions currently use the S1 Data Center
for transaction processing with five (5) of the 12 representing 98% of the
volume. The number of accounts processed represents a 40% increase over
figures for December 1997.
Mahan explained, "Typically, there's a significant period of time between
implementation of Internet financial services applications by an institution
and a commercial offering to their customers. This allows for testing,
friendly-user trials and soft launches. That's why," he added, "it's
important for S1 to focus on our long-term goals for growth and market share."
In total, 66 financial entities, including bank holding companies and
insurance service providers, with combined assets of more than $800 billion
and representing more than an estimated 40 million customers are offering or
are planning to offer Internet-based personal financial management systems
using S1's technology. This includes institutions that are direct licensees
of S1's software, institutions who process their VFM transactions through
third party data processors and those who process through S1's Data Center.
Virtual Financial Manager(TM) is the suite of products S1 offers to client
institutions. Currently, Virtual Bank Manager(TM) and Virtual Credit Card
Manager(TM) are available. Virtual Investment Manager(TM) is slated for later
this year. Insurance and loan applications are planned as future product
offerings.
Security First Technologies develops integrated, brandable Internet
applications that enable financial institutions to offer products, services
and transactions over the Internet in a secure environment. S1 also offers
strategic marketing support, training, product integration, and customer and
data service center outsourcing. Security First Technologies, through direct
sales and channel partnerships, has agreed to provide software applications
and technology to 66 financial entities, including 15 of the top 100 U.S.
financial institutions.
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 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 3,
1996 and those described from time to time in the company's other filings with
the Office of Thrift Supervision, press releases and other
communicationsSecurity First Technologies Reaches 100,000 Accounts Milestone
More than 100,000 accounts from client financial institutions are utilizing
components of S1's Virtual Financial Manager software suite
ATLANTA, April 9 /PRNewswire/ -- Security First Technologies (S1), a wholly-
owned subsidiary of Security First Network Bank (Nasdaq: SFNB), announced
today that at the end of the first quarter, 100,000 accounts, representing
more than 70,000 customers of client financial institutions, are using S1's
Virtual Financial Manager(TM) solution to bank, pay bills and manage their
money over the Internet.
"It's quite a milestone for us to reach the 100,000 accounts level," said
James S. Mahan III, chief executive officer of Security First Technologies.
"Many of the institutions we serve are just starting to launch their
transactional web sites, and others are just beginning to market their new
services to their customers. We expect to see significant growth in users of
our banking software in the coming months. It's tremendously satisfying to
see our client institutions and their customers embrace our technology," he
said.
More than 69,000 accounts are processed through the S1 Data Center. The
balance is processed by client institutions in-house or through third party
data processors. Twelve (12) institutions currently use the S1 Data Center
for transaction processing with five (5) of the 12 representing 98% of the
volume. The number of accounts processed represents a 40% increase over
figures for December 1997.
Mahan explained, "Typically, there's a significant period of time between
implementation of Internet financial services applications by an institution
and a commercial offering to their customers. This allows for testing,
friendly-user trials and soft launches. That's why," he added, "it's
important for S1 to focus on our long-term goals for growth and market share."
In total, 66 financial entities, including bank holding companies and
insurance service providers, with combined assets of more than $800 billion
and representing more than an estimated 40 million customers are offering or
are planning to offer Internet-based personal financial management systems
using S1's technology. This includes institutions that are direct licensees
of S1's software, institutions who process their VFM transactions through
third party data processors and those who process through S1's Data Center.
Virtual Financial Manager(TM) is the suite of products S1 offers to client
institutions. Currently, Virtual Bank Manager(TM) and Virtual Credit Card
Manager(TM) are available. Virtual Investment Manager(TM) is slated for later
this year. Insurance and loan applications are planned as future product
offerings.
Security First Technologies develops integrated, brandable Internet
applications that enable financial institutions to offer products, services
and transactions over the Internet in a secure environment. S1 also offers
strategic marketing support, training, product integration, and customer and
data service center outsourcing. Security First Technologies, through direct
sales and channel partnerships, has agreed to provide software applications
and technology to 66 financial entities, including 15 of the top 100 U.S.
financial institutions.
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 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 3,
1996 and those described from time to time in the company's other filings with
the Office of Thrift Supervision, press releases and other
communicationsSecurity First Technologies Reaches 100,000 Accounts Milestone
More than 100,000 accounts from client financial institutions are utilizing
components of S1's Virtual Financial Manager software suite
ATLANTA, April 9 /PRNewswire/ -- Security First Technologies (S1), a wholly-
owned subsidiary of Security First Network Bank (Nasdaq: SFNB), announced
today that at the end of the first quarter, 100,000 accounts, representing
more than 70,000 customers of client financial institutions, are using S1's
Virtual Financial Manager(TM) solution to bank, pay bills and manage their
money over the Internet.
"It's quite a milestone for us to reach the 100,000 accounts level," said
James S. Mahan III, chief executive officer of Security First Technologies.
"Many of the institutions we serve are just starting to launch their
transactional web sites, and others are just beginning to market their new
services to their customers. We expect to see significant growth in users of
our banking software in the coming months. It's tremendously satisfying to
see our client institutions and their customers embrace our technology," he
said.
More than 69,000 accounts are processed through the S1 Data Center. The
balance is processed by client institutions in-house or through third party
data processors. Twelve (12) institutions currently use the S1 Data Center
for transaction processing with five (5) of the 12 representing 98% of the
volume. The number of accounts processed represents a 40% increase over
figures for December 1997.
Mahan explained, "Typically, there's a significant period of time between
implementation of Internet financial services applications by an institution
and a commercial offering to their customers. This allows for testing,
friendly-user trials and soft launches. That's why," he added, "it's
important for S1 to focus on our long-term goals for growth and market share."
In total, 66 financial entities, including bank holding companies and
insurance service providers, with combined assets of more than $800 billion
and representing more than an estimated 40 million customers are offering or
are planning to offer Internet-based personal financial management systems
using S1's technology. This includes institutions that are direct licensees
of S1's software, institutions who process their VFM transactions through
third party data processors and those who process through S1's Data Center.
Virtual Financial Manager(TM) is the suite of products S1 offers to client
institutions. Currently, Virtual Bank Manager(TM) and Virtual Credit Card
Manager(TM) are available. Virtual Investment Manager(TM) is slated for later
this year. Insurance and loan applications are planned as future product
offerings.
Security First Technologies develops integrated, brandable Internet
applications that enable financial institutions to offer products, services
and transactions over the Internet in a secure environment. S1 also offers
strategic marketing support, training, product integration, and customer and
data service center outsourcing. Security First Technologies, through direct
sales and channel partnerships, has agreed to provide software applications
and technology to 66 financial entities, including 15 of the top 100 U.S.
financial institutions.
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 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 3,
1996 and those described from time to time in the company's other filings with
the Office of Thrift Supervision, press releases and other
communicationsSecurity First Technologies Reaches 100,000 Accounts Milestone
More than 100,000 accounts from client financial institutions are utilizing
components of S1's Virtual Financial Manager software suite
ATLANTA, April 9 /PRNewswire/ -- Security First Technologies (S1), a wholly-
owned subsidiary of Security First Network Bank (Nasdaq: SFNB), announced
today that at the end of the first quarter, 100,000 accounts, representing
more than 70,000 customers of client financial institutions, are using S1's
Virtual Financial Manager(TM) solution to bank, pay bills and manage their
money over the Internet.
"It's quite a milestone for us to reach the 100,000 accounts level," said
James S. Mahan III, chief executive officer of Security First Technologies.
"Many of the institutions we serve are just starting to launch their
transactional web sites, and others are just beginning to market their new
services to their customers. We expect to see significant growth in users of
our banking software in the coming months. It's tremendously satisfying to
see our client institutions and their customers embrace our technology," he
said.
More than 69,000 accounts are processed through the S1 Data Center. The
balance is processed by client institutions in-house or through third party
data processors. Twelve (12) institutions currently use the S1 Data Center
for transaction processing with five (5) of the 12 representing 98% of the
volume. The number of accounts processed represents a 40% increase over
figures for December 1997.
Mahan explained, "Typically, there's a significant period of time between
implementation of Internet financial services applications by an institution
and a commercial offering to their customers. This allows for testing,
friendly-user trials and soft launches. That's why," he added, "it's
important for S1 to focus on our long-term goals for growth and market share."
In total, 66 financial entities, including bank holding companies and
insurance service providers, with combined assets of more than $800 billion
and representing more than an estimated 40 million customers are offering or
are planning to offer Internet-based personal financial management systems
using S1's technology. This includes institutions that are direct licensees
of S1's software, institutions who process their VFM transactions through
third party data processors and those who process through S1's Data Center.
Virtual Financial Manager(TM) is the suite of products S1 offers to client
institutions. Currently, Virtual Bank Manager(TM) and Virtual Credit Card
Manager(TM) are available. Virtual Investment Manager(TM) is slated for later
this year. Insurance and loan applications are planned as future product
offerings.
Security First Technologies develops integrated, brandable Internet
applications that enable financial institutions to offer products, services
and transactions over the Internet in a secure environment. S1 also offers
strategic marketing support, training, product integration, and customer and
data service center outsourcing. Security First Technologies, through direct
sales and channel partnerships, has agreed to provide software applications
and technology to 66 financial entities, including 15 of the top 100 U.S.
financial institutions. |
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