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B of A, Citi Use Advanced Features in Payment Tools.

Publication: American Banker
Publication Date: 17-SEP-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Byline: Steve Bills

Banking technology executives have been promoting for years an advanced systems-design format that they say offers a wide range of advantages but has been used mainly for small, discrete projects.

But the cash management efforts announced this week by Citigroup Inc. and Bank of America Corp. are among the biggest projects to date to take advantage of service-oriented architecture, as the format is known. Analysts say that as the technology becomes more widely used it could improve banks' abilities to connect their systems to those of their corporate customers - and to each other.

Citi announced its CitiDirect BE (for "banking evolution") cash management platform, which includes such advanced online capabilities as user-generated content and a video channel. Technology executives often refer to this type of collaborative Internet feature as Web 2.0.

B of A, of Charlotte, said it...

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