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Technology Stocks : Hewlett-Packard (HPQ) -- Ignore unavailable to you. Want to Upgrade?

To: Elwood P. Dowd who wrote (534)	5/21/2002 11:09:09 AM
From: Night Writer	Respond to of 4345

Magnet Communications and HP Close the Gap On Real Time Wire Transfer Processing Business Editors ATLANTA--(BUSINESS WIRE)--May 21, 2002-- New software agreement adds Internet access and comprehensive cash management capabilities to HP's NonStop Payments Solution Magnet Communications, Inc., the Internet Business Banking Authority, today announced HP (NYSE: HPQ) will enhance its NonStop Payments software with a new Web-based, remote access wire transfer solution from Magnet. The new feature will allow commercial banks to significantly streamline high value payments operations and provide enhanced banking services to corporate customers. The new solution expands HP's NonStop Payments software by integrating key elements of the Magnet Internet Banking Suite, giving corporate customers the ability to initiate both domestic and international wires via the Internet, and to receive confirmations from the bank that these payments have been successfully transmitted. As the Internet expands the scope and speed of financial transactions, real time payment processing and confirmation is an imperative for financial institutions. The new Web-based access and streamlined reporting features in HP's wire room solution help banks and corporate customers better manage cash and overdraft positions. With the new software, transactions are made in a secure environment that validates the identity of the person making the transaction, ensures that the transaction meets the business rules and authorization requirements of the customer, and encrypts the transaction to prevent interception or modification. Because the wire room solution is able to carry out "straight-through processing" on these Internet transactions, the costs incurred by the bank and the customer are significantly reduced, and errors often caused by manual processing are eliminated. "Higher functionality and integration in automated systems is becoming paramount as banks push to expand services and reduce operating costs," said Ray Graber, a senior analyst in commercial banking with TowerGroup. "Hardware and applications vendors with complementary technologies improve their overall value proposition to financial institutions by collaborating to deliver a more complete solution that enhances efficiency and effectiveness in banking processes." "Of the approaches we considered to extending the value of NonStop Payments, Magnet's Internet Banking Suite offered the highest functionality in cash management and the best interface into our system," said Chip Greenlee, director of HP's North American Financial Markets Group. "Partnering with Magnet allows us to deliver a scalable solution to meet the wire transfer needs of a wide range of commercial banks, whether they make 750 or 75,000 wires a day." A key element of the software agreement is a Customer Initiation and Reporting System created by Magnet to enable money transfer, system mail and batch interface capabilities for HP's NonStop Payments solution. HP will provide primary support for the new applications, with secondary support provided by Magnet. In addition to its new wire-room solution, HP will resell Magnet's complete suite of cash management applications, further expanding its portfolio of online products and services for financial institutions. "HP has already been a key partner as we developed both our cash management software and our data center," said Scott Pranger, chief operating officer, Magnet Communications. "Our new agreement is an important part of HP's increased emphasis on financial services solutions and gives Magnet entree into larger commercial institutions, responding to their customers' needs for more flexible and cost-effective payment and cash management services." About Magnet Communications Magnet Communications, Inc. is a leading provider of Web-based cash management solutions for financial institutions of all sizes, including super-regional and regional banks, community banks and thrifts. Magnet offers a comprehensive suite of integrated cash management applications enabling financial institutions to target multiple customer segments from a single platform with customized cash management services. The Magnet Internet Banking Suite allows financial institutions to deliver sophisticated cash management services to corporate banking customers. BizBankingWORKS for Small Business offers corporate cash management functionality in a simplified, intuitive environment designed for the small business customer. iPortBiz combines Magnet's core banking services with essential business services in a portal platform. Magnet offers its cash management solutions on both in-house platforms and through the Magnet Outsource Service (MOS), a secure hosted platform. Magnet also provides professional services and marketing support to help financial institutions quickly deploy services and grow their online banking customer bases. Founded in 1995, Magnet Communications is headquartered in Atlanta. For more information call (404) 892-9300 or visit www.magnetbanking.com. About HP HP is a leading global provider of technology products, solutions and services to consumers and businesses. The company's offerings span IT infrastructure, personal computing and access devices, global services and imaging and printing. The merged company had combined revenue of approximately $81.7 billion in fiscal 2001 and operations in more than 160 countries. Information about HP and its products can be found at www.hp.com. Magnet, Magnet Communications, BizBankingWORKS, BizBankingWORKS for Small Business, iPortBiz and The Internet Business Banking Authority are trademarks and/or service marks of Magnet Communications, Inc. --30--lrk/at* CONTACT: Magnet Communications, Inc. Kelly Harviel, 404/260-4756 kelly.harviel@magnetbanking.com or Ketchum Anne O'Neill, 404/879-9293 anne.oneill@ketchum.com KEYWORD: GEORGIA INDUSTRY KEYWORD: BANKING SOFTWARE TELECOMMUNICATIONS INTERNET MARKETING AGREEMENTS SOURCE: Magnet Communications, Inc. Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com