Manufacturers Bank has licensed business banking and account aggregation software from S1. Together, the products offer small business customers a complete view of their finances.
Previously, the $1.1 billion institution provided cash management services for its larger customers only. By deploying S1's Business Banking, it will be able to offer competitive services to its small business clients, which range from sole proprietors to businesses with up to $15 million in annual revenue.
Manufacturers Bank is primarily focused on serving middle market and lower middle market companies. The addition of the S1 Enterprise solutions will support its efforts to grow its small business client base and to establish long-term customer relationships.
Manufacturers is now able to offer its smaller customers commercial banking services such as account information access and online transactions, wire transfer and payroll. The goal is to "enable any small business to manage their finances much like their larger corporate counterparts," according to Adrian Danescu, senior vice president and CIO at Los Angeles-based Manufacturers Bank.
In addition to Business Banking and Account Aggregation, Manufacturers Bank will implement S1's Personal Banking, enabling it to offer online retail banking services to employees of the bank's corporate and business clients and to new retail customers.
Separately, S1 has announced rapid adoption of its interactive Web solution, Customer Center, with more than 300 installations in the United States. The product enables non-technical employees to manage Web content.