Company Completes Seamless Migration for 46 Leading Global Financial Institutions
(NEWTON, Mass. – 5 April 2005) – IntraNet Worldwide, Inc. (NASDAQ: TSAI), the industry leader in international and domestic wholesale financial messaging and payment processing solutions for financial institutions, today announced it has successfully completed migrations for its entire base of leading global financial institutions to the company’s new UNIX® AIX®-based platform for its market-leading iMTS™ solution. iMTS is designed to meet the varied payment processing needs of the wholesale banking industries worldwide. iMTS moves money, settles multiple currencies and streamlines operations for 41 of the top 100 U.S. banks and 23 of the top 100 global banks.
With customers demanding secure, accurate and continuous movement of funds between accounts and around the world, few operations are more critical to a financial institution's operations than the moving, clearing, and settlement of payments. Partnering with such leading institutions as State Street Corporation, Northern Trust and KeyBank, IntraNet was able to ensure the seamless migration of every institution, protecting the over one trillion dollars that flow through the iMTS system daily.
"Beyond completing these successful and seamless platform migrations, we take pride in the fact that our customers chose to continue their relationship with IntraNet," said Dennis D. Jorgensen, president and CEO of IntraNet Worldwide. "This speaks volumes to our experience as a trusted business partner and iMTS’ track record as a proven and secure solution."
With more than 100 markets worldwide, 9.5 trillion dollars in assets under custody and 1.4 trillion dollars in assets under management, State Street Corporation is the world's leading specialist in providing institutional investors with investment servicing, management, research and trading. An IntraNet client since 1987, State Street was one of the first banks to utilize the iMTS solution to process all of its U.S. dollar transactions through the Federal Reserve and CHIPS, to ensure customer funds are moved safely and efficiently. In creating a highly automated, straight-through environment, IntraNet enabled State Street to process significant volumes quickly and efficiently while allowing the bank to monitor all of its Fed and CHIPS activity in real time. "By providing the bank with the ability to manage its position in accordance with internal and external policy requirements and guidelines and remain in complete control of all significant funds transfer activity, IntraNet remained the best solution for State Street from both a functional and technological perspective," added Paul D. Morris, senior vice president at IntraNet Worldwide.
For Northern Trust, a leading provider of global investment management, asset and fund administration, fiduciary and banking solutions for institutions worldwide, the relationship with IntraNet has spanned 13 years. iMTS is the bank’s wire transfer platform of choice, integrating its domestic banking and trust operations based in Chicago with its international correspondent banking activity in New York. In addition, the iMTS platform enables the bank to place 13 different entities on one centralized external hub for all its SWIFT messaging, an initiative that Northern Trust would not have been able to complete without IntraNet’s robust disaster recovery functionality.
"When IntraNet first approached us about the migration, we took the opportunity to review other financial messaging and payment processing solutions. After a careful evaluation process based on both vendor experience and expertise and product functionality, IntraNet and the iMTS solution were the only choice," said Barry Tebbutt, senior vice president at Northern Trust. "From a technological standpoint, the product is easily supported and utilizes state-of-the-art hardware and middleware components that fit into our bank’s overall technology strategy. This, combined with an excellent working relationship that we had developed with IntraNet over the past two decades influenced our final decision."
Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies with assets of approximately 91 billion dollars. KeyCorp companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. KeyBank, a subsidiary of KeyCorp, has leveraged the iMTS product to process wholesale payments and streamline back-office operations since 2002. The solution eliminated special coding needs for individual customers, but still allowed the bank to customize features for its diverse customer base in a highly efficient manner. iMTS also provided a direct interface to the bank’s DDA system, and this straight through processing format eliminated manual postings previously handled by the bank.
"We could not be happier with the iMTS product and our partnership with IntraNet," said Patricia Krotseng, vice president of Wire Transfer Operations at KeyBank. "We find iMTS to have superior functionality to any competing product on the market. In addition, the product is scalable and is able to handle our peak volume requirements with ease. As a company that prides itself on innovation and the use of best-in-breed technology, we feel IntraNet shares the same strategic direction and commitment, and will serve us well as we continue to grow our business."
During its 25 years of developing and delivering business-critical banking systems, IntraNet has pursued a philosophy of providing up-to-date technology and infrastructure to its customers, balanced with the need to protect each bank’s prior investment in integration as far as possible. In the past ten years, IntraNet has tackled a series of major platform and software technology migrations. In addition to the replacement of the system software layers of iMTS to a portable UNIX® AIX® base, the company has also undertaken the adoption of Java™ as the iMTS application programming language, support of XML as the language for the standard iMTS interfaces, and migration of the user interface to Web graphical user interface (GUI) technology.
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