SunTrust Selects Magnet's Internet Banking Suite to Provide Comprehensive Electronic Business Banking

Business Wire, March 21, 2001

Business Editors

ATLANTA--(BUSINESS WIRE)--March 21, 2001

Broader Internet business banking services to enhance customer service

Magnet Communications, Inc. (www.magnetbanking.com), The Internet Business Banking Authority offering web-based cash management, business banking, and e-commerce services to financial institutions, announced today that Atlanta-based SunTrust Banks, Inc. (NYSE: STI) will implement Magnet's Internet Banking Suite for commercial cash management operations to enhance customer service to its commercial clients.

SunTrust, the nation's 9th largest commercial banking organization, will implement Magnet's entire suite of business banking applications through its hosted service platform, the Magnet Outsource Service (MOS). Through MOS, financial institutions of all sizes can provide their clients with a convenient channel for comprehensive web-based business banking that serves multiple markets quickly without having to purchase and distribute costly software.

Magnet Internet Banking Suite applications rolled-out over the course of the year include: Automated Clearing House (ACH), balance reporting, book transfers, stop payments, Electronic Report Delivery (ERD), money transfers (Wires), cash concentration, and positive pay services.

"Integrating Magnet's Internet Banking Suite reflects our ongoing commitment to providing our Treasury Management clients with the most modern technology and convenient channels available to meet their cash management needs," said Sandra Jansky, senior vice president and managing director of Corporate and Investment Banking at SunTrust Bank. "SunTrust's goal is to become an easier financial institution to do business with, by offering comprehensive electronic business banking in a highly secure manner as an increasing number of our commercial clients take advantage of electronic banking services," she added.

This contract with SunTrust represents Magnet's largest outsource services agreement signed to date. SunTrust was one of Magnet's first customers, licensing the image-enabled lockbox application in 1996, one year after Magnet was founded.

"We are pleased to be selected by such a large and prestigious institution to help meet their ongoing strategic e-business goals," said Stephen M. Gordon, president and CEO of Magnet Communications. "The Magnet Internet Banking Suite will enable SunTrust to better serve their customer's banking needs with substantive product offerings to enhance business relationships."

About SunTrust

Headquartered in Atlanta, Georgia, SunTrust Banks, Inc., is the nation's 9th largest commercial banking organization. The company provides a wide range of services to meet the financial needs of its growing customer base in Alabama, Florida, Georgia, Maryland, Tennessee, Virginia, and the District of Columbia. Its primary businesses include traditional deposit and credit services as well as trust and investment services. Through various subsidiaries the Company provides credit cards, mortgage banking, insurance, brokerage and investment services.

About Magnet Communications

Magnet Communications, Inc., the Internet Business Banking Authority, was founded in 1995 and is a leading provider of business-centric Internet banking infrastructure to banks of all sizes. Magnet's Internet Banking Suite is one of the most comprehensive web-based business banking solutions in the market today and allows the world's financial Institutions to serve business customers of all sizes. The suite offers more than 15 cash management and business banking applications, including digital signatures, image-based lockbox delivery, and foreign exchange. Magnet's iPortBiz, a bank-branded hosted services portal, combines digitally secure cash management services with essential business services, including B2B bill payment, bill presentment, and tax filing, as well as integration with business financial management packages such as QuickBooks and wireless channels. For more information regarding Magnet Communications or its products and services, please call 404-892-9300, visit www.magnetbanking.com or email sales@magnetbanking.com

Magnet, Magnet Communications, Magnet Internet Banking Suite, iPortBiz, Magnet Outsource Service and The Internet Business Banking Authority are trademarks and/or service marks of Magnet Communications, Inc.