Business Services Industry

Brazil: Citibank partners with EverSystems for electronic banking.

South American Business Information, November, 1999

Citibank has entered in partnership with the Brazilian computer security systems company EverSystems and will offer to its customers the E-Mail Banking current account balances via e-mail service, together with other banking services. The E Mail Banking software, based n Java, is unique and costed US$1mil in developing costs, with the main problem to be overcome the cryptography to secure protection. EverSystems has the patent for the computer program, with Citibank granted exclusive distribution rights worldwide. Initial expectations from EverSystems was to post US$25mil with the distribution of the program. Further details with the agreement with Citibank will soon be disclosed. EverSystems is selling a 10% stake to investors in a US$40mil deal, and should...

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