724 Solutions Licenses its First Internet-Only Bank
Deal provides Claritybank.com with convenient anytime, anywhere access to e-banking services
Tuesday March 21, 7:31 am Eastern Time
Company Press Release
SOURCE: 724 Solutions Inc.
724 Solutions Licenses its First Internet-Only Bank
Deal provides Claritybank.com with convenient anytime, anywhere access to e-banking services
TORONTO, March 21 /PRNewswire/ -- 724 Solutions Inc. (Nasdaq: SVNX - news; Toronto: SVN - news), a leading Internet software developer for financial services providers, today announced that Claritybank.com, (www.claritybank.com) an exclusively online bank, has licensed the company's technology to extend its real-time, 24-hour, comprehensive electronic banking and financial services to a broad range of popular wireless and consumer electronic devices. Claritybank.com is the first Internet-only financial institution to deploy 724 Solutions' technology, and one of the first national banks planning to offer wireless service to its entire customer base.
``724 Solutions and Claritybank.com share the belief that consumers should bank at their own convenience -- not at the convenience of their bank,' said Greg Wolfond, Chief Executive Officer, 724 Solutions. ``We are very pleased to work together with Claritybank.com to tailor innovative e-banking capabilities and create a new financial services model where business and retail customers can benefit from access to their finances using popular devices from wherever they choose to access the Internet.'
The 724 Solutions Financial Services Platform will enable Claritybank.com customers to use a wide range of wireless devices such as mobile phones and personal digital assistants (PDAs) to gain access to the same real-time financial information available through Claritybank.com, including: account information and statements, intra-bank transfers, bill payments, online trading, and news, weather and financial market updates. Customers can further personalize their user experience by creating a profile that is linked to a notification service which immediately informs them of specified events, such as stock alerts.
``Adding wireless banking capabilities to our online offering bolsters our efforts to give our business and retail customers even greater flexibility in managing their finances,' said David Arzi, Chief Executive Officer, Claritybank.com. ``We chose 724 Solutions' technology to power our wireless offerings because the company has a secure, proven and cost-effective solution as well as a network of relationships with leading carriers and device manufacturers that will help us elevate traditional banking services to a new level.'
Claritybank.com has also chosen to have its 724 Solutions Financial Services Platform application hosted in the first of what is anticipated to be many 724 Solutions-managed applications hosting data centers. 724 Solutions announced today that it has chosen Exodus Communications for Internet server hosting.
The rising popularity of online banking, coupled with the dramatic growth in wireless devices, demonstrates the enormous potential for online and wireless financial applications. By 2003, International Data Corporation (IDC) analysts predict approximately 40 million consumers will bank online, while Jupiter Communications Inc. estimates that 102 million customers in the U.S. will access the Internet through mobile devices. This rapidly growing market underscores the opportunities that Internet-only banks as well as traditional banks offering Internet access to their customers offer to financial services Internet software developers like 724 Solutions.
This latest transaction follows licensing agreements with Bank of Montreal, Bank of America, Citibank, and Wells Fargo.
Claritybank.com offers customers a variety of premium services, including account management, transactions and business-to-business solutions with competitive pricing and rates. Claritybank.com is dedicated to the needs of business and offers a full array of products and services, including commercial real estate loans, venture leasing and asset-based loans. Beginning in late summer, Claritybank.com will also deliver all of these products and services through a completely integrated Spanish-speaking Web site -- bancoclaridad.com.
About 724 Solutions Inc.
724 Solutions provides an Internet infrastructure solution to financial institutions that enables them to offer personalized and secure online banking, brokerage and e-commerce services across a wide range of Internet- enabled wireless and consumer electronic devices. The Company's solution currently enables consumers to access online banking and brokerage services through network service providers using digital mobile phones, personal digital assistants, two-way pagers and personal computers. 724 Solutions' customers include Citigroup, Bank of America, Bank of Montreal, Wells Fargo and Claritybank.com. 724 Solutions common shares are listed on the Nasdaq National Market (SVNX) and the TSE (SVN) stock exchanges. Headquartered in Toronto, Canada, the company has offices in London, San Francisco, Sydney, and Tokyo. For additional information visit www.724.com.
About Claritybank.com
Claritybank.com is a leading Internet bank providing real-time, next- generation financial services to businesses and consumers. Founded by leading financial and technology professionals, Claritybank.com's mission is to deliver competitive banking and loan products through its Web site and national business lending offices, combined with best-of-breed customer service initiatives. Claritybank.com provides a wide variety of services and features specifically tailored for small business including equipment leasing, commercial real estate mortgages, SBA loans and general business loans. Claritybank.com is a U.S. national bank and wholly-owned subsidiary of Purchase (NY)-based Clarity Holdings, Inc., a privately held company funded by leading financial and technology investors.
Claritybank.com is a fully insured member of the FDIC.
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 Claritybank.com will not successfully deploy or operate services based upon the 724 Solutions Financial Services Platform; and other risks outlined in 724 Solutions' SEC filings, including but not limited to 724 Solutions' registration statement on Form F-1 or filings on Form 6-F. Neither Claritybank.com nor 724 Solutions undertakes any obligation to update this forward-looking information, except as required under applicable law.
SOURCE: 724 Solutions Inc.
-------------------------------------------------------------------------------- |
