Electronic Retail Delivery Solutions ExecuBanc

The Information Technology, Inc. ExecuBanc System (EBM) delivers banking products and services directly into the offices of corporate clients, where they can review account balances and activity, and manage funds on-line. ExecuBanc gives clients more control over accounts and strengthens the connection to their financial institution, which relabels the ExecuBanc product so clients are aware that their financial institution is the provider of this valuable electronic banking service.

 Corporate financial managers have a constant need for updated account balances and must be able to move funds quickly and easily. With this in mind, ExecuBanc is designed to meet the demands of sophisticated cash managers, while remaining simple enough for any business to use. Cash managers can look up detailed data on the current and anticipated cash position, including balances, holds, presentments and transactions. Clients can initiate transfers between accounts, create ACH transfers, make federal tax payments, make wire transfers and stop payments -- all with the click of a mouse. Clients are also able to view presentations about other products and services offered, and request more information while on-line. Clients who are familiar with Windows applications feel comfortable with ExecuBanc as a dynamic tool for account management.

From a financial institution's perspective, ExecuBanc offers an opportunity to increase service fees, lower operating costs, and improve customer satisfaction. The corporate customers receiving this service are usually assessed a monthly fee and per transaction fee. ExecuBanc also replaces many of the current manual banking functions, such as faxing transcript statements or reporting balances. It is an invaluable organizational tool which accumulates client requests for the banking staff to review at the earliest convenience, rather than addressing requests one at a time. Most importantly, corporate clients have on-line account access at their convenience, rather than only during banking hours when certain representatives are available.

Types of Activity

 For Cash Position, authorized individuals can view current account balances and check anticipated balances for the next seven days. Information for all accounts is displayed together in a summary format for easy viewing and, by simply clicking the mouse, complete account details can be displayed.

For Account Management, after selecting a specific account, review account details such as presentments, holds, transfers, payments, transactions, and stop payments. Clients can make bill payments (ITI Bill Payment Module required), place stop payments, and transfer files to and from the client PC network. Search and sort options are used to find and organize information.

For Funds Management, clients can transfer funds between accounts, and transfer funds to outside accounts. For funds transfers, clients can generate their own ACH transfer files which are uploaded for processing, or clients can establish wire transfers. Clients can request new transfers on-line through easy-to-use dialog boxes, which can be reviewed by supervisors before approval.

Server Security

  ExecuBanc uses the most stringent security measures, including a server check point, encrypted account information, callback, account nicknames, and an option to clear the local workstation database each time clients exit.

Connect³ prohibits unauthorized access with a dedicated communications server and the necessary ExecuBanc communication software to serve as a check point between the client PCs and the institution's confidential financial records. Each time clients attempt to log on to the Connect3 Server, the server verifies clients have entered the correct client identification, employee identification and password before allowing account access.

Dynamic message encryption ensures the privacy of account information as it is communicated to and from the client. Even when account information is stored for off-line review, it remains encrypted until correct identification and passwords are entered.

Clients can also use callback security to ensure that ExecuBanc activity is conducted only at established workstations. With callback security, clients call the Connect3 Server and are immediately disconnected after the identification and password entry. The Connect3 Server then verifies the entry and calls back to a predetermined telephone number, ensuring only authorized PCs are used to access accounts.

When accessing accounts, actual account numbers are never displayed. Instead, account nicknames are used such as "Payroll", "General Fund," or "Travel Expenses". Nicknames are the only way clients can identify their corporate accounts.

By activating the "Clear Database on Exit" employee preference, account information stored on the PC workstation is deleted each time ExecuBanc is exited. This assures no account information will remain on the local PC after the session has ended.