Atlanta-based Magnet Communications (www.magnetbanking.com), the financial supply chain for business banking, today unveiled its prototype device for wireless cash management and business banking at the Association for Financial Professionals' (AFP) annual conference.
The product offering supports functional Wireless Application Protocol (WAP), Personal Digital Assistant (PDA) and Short Message System (SMS) and features both notification and two-way access for cash management and business banking functions. These include transaction features such as account transfers and stop payment and reporting features such as account balance and account activity including deposit and cleared item history.
"As the leading Web-based cash management provider to banks, Magnet is committed to developing leading-edge technology that adds value to the bank's relationship with its business customers," said Magnet chief marketing officer Gerald Baron. "Magnet works in conjunction with our banks to ensure that their wireless strategy is one that puts the business customer in control of their own transactions. We've worked hard to deliver such a solution, developing a wireless product that empowers them to conduct wireless transactions in real time." Magnet's wireless product supports any number of WAP, PDA and SMS devices. Magnet is currently testing its prototype with initial availability commencing in early 2001.
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