Business Services Industry
Corillian Launches Next-Generation Solution to Improve Online Money Management; Corillian Personal Money Manager Significantly Expands Online Access to Account History and Enhances Online Reporting and Tracking
Business Wire, April 19, 2006
PORTLAND, Ore. -- Corillian Corp. (NASDAQ: CORI), the top provider of online banking, online payments and anti-fraud solutions to the financial services industry, today announced the availability of Corillian Personal Money Manager (PMM), a next-generation online banking application that allows financial institutions to provide consumers with enhanced access to rich transactional information and extended account history that is available 24x7x365 from the convenience of the financial institution's online banking site. Built on the success of Corillian's register solution, Corillian PMM can be integrated into Corillian Consumer Banking, providing financial institutions with an innovative online service to drive online adoption and loyalty. A top 50 U.S. financial institution recently converted to Corillian Consumer Banking and has launched a new online service leveraging Corillian PMM.
Many financial institutions are still faced with legacy systems that are optimized to provide online banking users with only 30 to 90 days of host supplied transaction history. Today, online banking users expect and demand access to their online accounts, anytime, anywhere and are now less tolerant than ever of down time. Further, consumers are demanding increased accessibility to past account transactions and require better tools to manage them. With Corillian PMM, financial institutions can affordably deliver:
--Transaction reporting and analysis based on categorized account activity -- from the institutions' Web site, without the need for third-party financial management tools
--Auto-categorization to help consumers categorize their transactions in friendly terms based on host-supplied transaction types or SIC codes
--Balance information and transaction activity even when the financial institution's host systems are unavailable
--Multiple years of enriched account transaction history -- all under the financial institutions' control
Corillian PMM's transaction categorization and reporting capabilities transform traditional account data into rich, usable information by giving consumers the ability to apply a spending category or add a memo to each transaction. Once a consumer has 'annotated' their transaction, the data is transformed into information, allowing the consumer to monitor spending and savings activity across categories such as utilities and mortgage payments. In the past, consumers were forced to use third party personal financial management (PFM) software to manage their finances. With Corillian PMM, financial institutions no longer need to send their consumers away from their online presence to access value-added reporting capabilities. Corillian PMM delivers the convenience and control consumers seek, while providing the financial institutions with the ability to play a much greater role in helping consumers manage their financial lives -- driving increased loyalty and adoption of the online banking service.
Corillian PMM provides financial institutions with the unique ability to offer its online banking service to consumers even when the host is unavailable. Corillian PMM manages a server-side transaction store of all of the consumer's transaction history. If the host is unavailable, Corillian's line of business applications will route the consumer's balance and transaction history request to Corillian PMM, which will provide the consumer with the latest information provided by the financial institution. When the financial institution's host system is available once again, Corillian's line of business applications automatically re-route balance and transaction requests back to the host for real-time consumer delivery.
"Corillian is dedicated to providing financial institutions and their valued online users with an innovative, robust and always available solution to assist them in online money management," said Alex Hart, president and CEO of Corillian. "With the release of Corillian Personal Money Manager, we are taking online personal finance management to a new level allowing financial institutions to affordably give end-users greater control over their finances and providing financial institutions with a new online mechanism to increase their users' online investments and drive retention."
About Corillian Corporation
Corillian is the market leader of online banking, bill payment and fraud prevention applications to the financial services industry. With 28 of the top 100 U.S. banks and 20 of the top 100 U.S. credit unions as customers, Corillian serves over 25 percent of the online banking community. Corillian provides the most flexible, scalable and secure set of online banking applications across multiple lines of business, integrating best-practice functionality developed for some of the most innovative financial institutions in the world. Corillian features integrated applications across Consumer Banking, Small Business Banking, Wealth Management, Credit Card Management, and Corporate Cash Management, as well as enterprise wide solutions, including Fraud Detection, Payments Warehouse, Alerts, eStatements, and OFX. Corillian's fraud prevention solutions use Preemptive Forensics(TM) to protect web sites from phishers, hackers, and fraudsters. Corillian's strong authentication solution provides a low-cost solution for multi-factor authentication while maintaining high user satisfaction. Empowered by Corillian solutions, some of the world's most visionary financial institutions provide their customers with the tools to manage their finances more effectively and securely. For more information about Corillian Corporation, visit the company's Web site at http://www.corillian.com.
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