Accounting and Financial Software
Fifth Third Bank Leverages New S1 Enterprise Trade Service Solution
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Banking innovator continues partnership to capitalize on trade services marketplace momentum
ATLANTA, Sept. 10 / / -- S1 Enterprise, a leading provider of multi-channel financial service solutions and a division of S1 Corporation (NASDAQ:SONE), today announced that Fifth Third Bank, a S1 Trade Finance customer since 2003, will deploy S1's new Enterprise Trade Finance application. S1 Enterprise has provided an online trade finance solution to the largest U.S. banks for more than a decade, and introduced its new trade finance application on the S1 Enterprise platform in early 2007.
"Banks need to proactively recognize actual trends and take action as the trade finance and services space continues to evolve," said Nancy Atkinson, Senior Analyst, Aite Group. "Capitalizing on the evolution will help banks maintain their central role in international and domestic trade as well as their competitive advantage by supplying their commercial customers with services that are integral to their working capital management."
S1 Enterprise Trade Finance was built to capitalize on S1 Enterprise's open architecture that allows for easier integration into customer portals and cash management solutions as well as new trade finance initiatives. A member of the SWIFT Solution Partner program, S1 Enterprise Trade Finance incorporates the ability to use standards-based open account implementations, such as SwiftNet Trade Services Utility (TSU), with traditional and innovative functionality, from letters of credit and guarantees to open account transactions and purchase order processing.
"Our trade finance offering is an important solution to our commercial banking customers. Our job is to facilitate this process in the most efficient manner and do so at a pace that keeps up with the evolving marketplace" said Rodney Baker, Fifth Third's assistant vice president and business analyst manager for commercial credit trade services. "S1 Enterprise Trade Finance has been developed to automate more processes for the user and provides Fifth Third with the agility to deliver quickly on trade service market changes."
"Fifth Third is a diverse financial services company that strives to ensure the ultimate customer satisfaction experience," said Neil Underwood, General Manager, S1 Enterprise Americas. "Moving to the S1 Enterprise platform is a natural choice that will enable Fifth Third to more effectively meet the varied and changing needs of their customers and the marketplace."
S1 Enterprise Trade Finance allows banks to provide their import/export customers with robust capabilities including Letters of Credit, Open Account, Standby Letters of Credit, Guarantees, Purchase Order Processing, Discrepancy Notifications, Documentary Collections, Transfer Letters of Credit, Assignments of Proceeds and document imaging. S1 Enterprise Trade Finance was designed with automation and ease-of-use in mind. System features include activity dashboards and email alerts, sophisticated "Parent/Child" processing and reporting features, secure messaging, customizable reports, customer data purge and archive, a full bank administration system for administering and reporting on all user front-end activity and "on behalf of" capabilities to empower financial institutions to better serve their customers.
About S1 Enterprise
More than 100 banks and three million consumer, small business, and corporate users worldwide rely on S1 Enterprise solutions to access and manage their financial information. A division of S1 Corporation (NASDAQ:SONE), S1 Enterprise is a leading provider of integrated banking solutions that enables financial service providers to receive a holistic view of their customer via a common technology platform regardless of delivery channel -- branch, call center, Internet, or voice. Additional information about S1 Enterprise is available at http://www.s1enterprise.com/.
About S1 Corporation
S1 Corporation (NASDAQ:SONE) delivers customer interaction software for financial and payment services and offers unique solution sets for financial institutions, retailers, and processors. S1 employs over 1,400 people in operations throughout North America, Europe and Middle East, Africa, and Asia- Pacific regions. Worldwide, more than 3,000 customers use S1 software solutions, which comprise applications that address virtually every market segment and delivery channel. S1 partners with best-in-class organizations to provide flexible and extensible software solutions for its customers. Additional information about S1 solutions is available at www.s1.com/, www.postilion.com/, www.s1enterprise.com/, and http://www.fsb-solutions.com/.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $101 billion in assets, operates 18 affiliates with 1,173 full-service Banking Centers, including 104 Bank Mart(R) locations open seven days a week inside select grocery stores and 2,141 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2007, has $232 billion in assets under care, of which it managed $34 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com/. Member FDIC.
Source: S1 Enterprise
Web site: http://www.s1enterprise.com/
http://www.s1.com/
