(NEWTON, Mass. â 21 June 2005) â NEWTON, MASS. â IntraNet Worldwide, Inc. (Nasdaq:TSAI), the industry leader in international and domestic wholesale financial messaging and payment processing solutions for financial institutions, today announced that Union Bank of California (UBOC) has signed a five-year licensing agreement for IntraNetâs flagship payment processing solution, iMTS. Leveraging iMTS to serve as the hub for its wholesale payments system, UBOC has a single platform upon which to standardize and centralize its payments capabilities, allowing for money transfers, multi-currency foreign exchange and trade finance. iMTS will also enable the bank to fully integrate accounting, deposit and cash management components internally. The software will also provide value-added capabilities such as external clearing capacity for other banks.
With assets of $48.1 billion, Union Bank of California is one of the 35 largest banks in the United States. The bank has 298 branches throughout California, Oregon, Washington, and 21 international offices primarily along the Pacific Rim. Core to UBOCâs business is the moving, clearing and settlement of both international and domestic payments for its wholesale customers. The bank began its partnership with IntraNet in 1986, and now processes nearly 30,000 payments daily. The new licensing agreement follows UBOCâs successful migration to IntraNetâs new UNIXÂ® AIXÂ®-based platform for iMTS.
"Extending our relationship with IntraNet Worldwide was critical in meeting our goals of seamlessly servicing our existing customer base and lowering the costs for transactions across the spectrum of our wholesale portfolio â as well as costs associated with ongoing maintenance," said Howard Russell, senior vice president at UBOC. "During system conversion and through our new agreement, IntraNet Worldwide has delivered consistently on their commitment by responding to our business and technical requirements. Through this strategic partnership, we have not only reached our goals and captured the best value for our investment, but also strengthened our wholesale payments offering."
Designed to meet the varied payment processing needs of the wholesale banking industries worldwide, iMTS moves money, settles multiple currencies and streamlines operations for 23 of the top 100 global banks and 41 of the top 100 U.S. banks. For UBOC, iMTS has enabled the bank to expand its wholesale payments business and clearing capabilities, and significantly reduce its operating costs while employing the latest technology advancements. The iMTS solution includes robust international payment features and functionality, including a multicurrency module that allows the currency of both debit and credit accounts to be different from the system base currency. These combined with the productâs SWIFTReady Gold certification â an accreditation that highlights the support of SWIFT standards, products and services â provides UBOC with a platform that enables further international initiatives, development and growth.
"UBOC and IntraNet have for years shared a vision of technology as a vehicle for improving and streamlining payments processing. We are very pleased to have the opportunity to continue playing a role in UBOCâs development strategies," said Dennis D. Jorgensen, president and CEO of IntraNet Worldwide. "IntraNet Worldwide understands UBOCâs unique business needs â and we push the limits of our capabilities for financial institutions like UBOC that push the limits of its innovation. This solidifies the strategic nature of the relationships we develop with our customer base, and further positions IntraNet as a trusted business partner that can help financial institutions maximize the benefits of its payment engine."