BEA Systems, a leading provider of distributed enterprise middleware solutions, has announced that Security First Technologies (S1), a wholly-owned subsidiary of Security First Network Bank, has selected BEA`s market-leading transactional middleware, BEA TUXEDO, to enhance the scalability of the Internet`s first banking solution.
S1 launched Security First Network Bank, the world`s first Internet bank, in 1995 using its Virtual Financial Manager (VFM) suite of Internet banking and financial services software applications. To date, 35 financial institutions, including 11 of the top 100 banks in the United States, have licensed S1`s Internet banking solution.
S1`s product suite enables its clients to offer integrated financial products and services over the Internet, including traditional bank accounts, as well as services unique to electronic banking. S1 is using BEA TUXEDO to help provide the transactional integrity needed to do banking over the Internet, as well as to help provide a more robust, scalable, and reliable platform for running applications that can be accessed in real time in open heterogeneous environments.
S1 is part of the "Built on BEA" program that BEA announced in May. The "Built on BEA" program provides the software, training, and services to assist S1 in embedding BEA`s middleware and in passing on the resulting benefits to their customers.
BEA`s rich three-tier client/server environment coupled with the marketing, services, and support of the "Built on BEA" program enables S1 to better provide customers with complete solutions that give financial institutions the competitive advantage required for success.
"We chose to embed BEA TUXEDO into VFM to satisfy the increasing demands of our rapidly growing customer base and those of the rapidly expanding consumer Internet banking market," said Michael Karlin, S1`s vice president of products and strategy. "By integrating BEA`s proven middleware technology, we can focus on delivering on our core competencies, and BEA can handle the middleware issues such as cross-platform scalability and reliability."
"We are pleased to have the opportunity to work with S1, a leader in Internet banking solutions. BEA TUXEDO is designed to help mediate the increasing number of diverse and complex transactions for innovative new products for financial institutions like those developed by S1," said Ken Murdoch, marketing manager for BEA Systems SA. "We believe that BEA TUXEDO provides a solid middleware foundation that financial institutions demand in order to remain competitive in the market place."
Banking on the Internet The VFM product suite enables S1`s financial institution clients to offer integrated financial products and services over the Internet, including services unique to electronic banking such as:
electronic bill payment;
automatic reconciliation of check registers and statements;
digital images of cleared checks;
customized reports to track expenses;
and anytime, anywhere access to accounts via the World Wide Web.
Customers also receive access to current credit card balances, information on their payment and transaction history, and the ability to pay creditcard bills instantly from their Internet checking accounts. Additional VFM components for brokerage, insurance, corporate cash-management services, and more are currently under development.
With VFM, Web-based transactions run on S1`s server-centric platform, allowing the financial institution to serve as the point of consolidation for the consumer`s financial data. This consolidation bundles the various products and services, giving customers seamless interaction among their accounts.
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