NORCROSS, Ga., May 10, 2010 (GLOBE NEWSWIRE) -- S1 Corporation (Nasdaq:SONE), a leading global provider of payments and financial services software solutions, today announced that Wells Fargo, one of the largest ACH originators in the world, has implemented the S1 Corporate Banking ACH solution. The S1 solution will be deployed as a strategic component of the bank's award winning Commercial Electronic Office® (CEO) Portal. Wells Fargo and S1 have a long standing partnership through Wells Fargo's Trade Services Online (TSOL) product, Wells Fargo's WellsXchange Foreign Exchange solution and Wachovia's ACH Management solution.
Keith Theisen, Wells Fargo Executive Vice President, Director of Treasury Management Product Team, said, "Banks need to take advantage of the desire by people to make payments in new ways as they move away from using checks. S1 Corporate Banking allows Wells Fargo to meet the complex payment needs of its customers."
Wells Fargo will be able to enhance its product offering by speeding time-to-market for state and federal tax format changes, offering enhanced payment reporting and delivering new beneficiary management tools. Other features of the S1 ACH solution include initiation of multiple ACH payments types including tax payments, payroll, international, and direct debits, payment import, export, upload, ACH reversal, and same-day settlement.
"S1 has been a great partner to Wells Fargo for many years. Our past successful relationship and their commitment to innovation were the primary reasons we chose to partner with S1 on this new generation of our CEO Portal," said Theisen. "S1's customer-focused practices parallel Wells Fargo's own commitment to provide our customers with unsurpassed services."
"We are excited to expand our partnership with such an innovative leader," said Jan Kruger, Divisional President, S1. "This is an opportunity where both parties can bring industry leadership and payment expertise together to create an outstanding ACH offering."
With over twenty years experience providing cash management solutions, S1 Corporate Banking provides an integrated global payments framework supporting diverse domestic and international payments, including wire transfers, account transfers, ACH and localized payments for over twenty countries. In addition to comprehensive payment services, S1 Corporate Banking offers a highly flexible user-interface, extensive security and entitlement features like multi-factor authentication, bulk file transfers, check services, and complete information reporting.
S1 provides cash management and trade finance solutions to the world's largest financial institutions with interactive information reporting, a global payments engine supporting more than 100 payment types, open account solutions, and trade finance instruments such as letters of credit. S1 has satisfied customer implementations in 37 countries, representing 24 languages. Greenwich Associates and Celent recently rated S1 as a top provider with customer-driven applications incorporating world-class usability and in-depth functionality.
About S1 Corporation
Leading banks, credit unions, retailers, and processors need technology that adapts to the complex and challenging needs of their businesses. These organizations want solutions that can respond quickly to changes in the marketplace and help grow their businesses. For more than 20 years, S1 Corporation (Nasdaq: SONE) has been a leader in developing software products that offer flexibility and reliability. Over 3,000 organizations worldwide depend on S1 for payments, online banking, mobile banking, voice banking, branch banking and lending solutions that deliver a competitive advantage. More information is available at www.s1.com.
Forward-Looking Statements
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act. These statements include statements with respect to our financial condition, results of operations and business. The words "believes," "expects," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" or similar terminology identify forward-looking statements. These statements are based on our beliefs as well as assumptions made using information currently available to us. Because these statements reflect our current views concerning future events, they involve risks, uncertainties and assumptions. Therefore, actual results may differ significantly from the results discussed in the forward-looking statements. The risk factors included in our reports filed with the Securities and Exchange Commission (and available on our web site at www.s1.com or the SEC's web site at www.sec.gov) provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Except as provided by law, we undertake no obligation to update any forward-looking statement.