LOS ANGELES--(BUSINESS WIRE)--Jan. 30, 2001--City National Bank(NYSE:CYN), California's Premier Private and Business Bank(SM), todayunveiled its newest Internet product, Online Cash Management, one ofthe most comprehensive and sophisticated online business solutions inthe financial services industry to date, according to Jan Cloyde,executive vice president and head of City National's Banking Servicesdivision.
"We took eight cash management products our clients use the mostand bundled them together into one electronic product that isresponsive, convenient, highly functional and uses a minimum ofbanking jargon. Plus, our system offers three innovative features notfound in other online cash management systems," Cloyde said.
Those innovations are: 1) A balance alert feature, whichautomatically e-mails or pages the client if a particular accountbalance moves above or below pre-selected amounts; 2) online checkimaging, which lets clients view the front and back of cleared checks,online; and 3) on-demand account statements, which let clients view a"snapshot" of their current statement activity.
"Online Cash Management represents a radical change to therelationship between banks and their business customers," said NadileeRussell, senior vice president and head of City National's CashManagement department. "With traditional cash management systems,clients must wait for banks to send them account statements toreconcile their accounts.
"With our product, however, business clients can generate accountstatements at any time, enabling them to reconcile accounts wheneverthey wish. Clients can also use City National's Online Cash Managementto expedite deposits, manage payments, consolidate funds, and accessand monitor their company's cash resources with increased efficiency."
Online Cash Management incorporates real-time, Internet access tobalance reporting, account-to-account transfers, stop payments, dataexporting and many other cash-flow control measures.
City National and Digital Insight (Nasdaq:DGIN), a leadingfinancial enabler of online services to the financial servicesindustry, jointly developed the online cash management product.
"We asked our clients what online functionality they wanted andused that input to design enhancements to our existing cash managementproduct line," said Russell. "Following extensive product developmentand a successful Beta test, we are now rolling out the system."
One Beta test client, the Jewish Federation Council of LosAngeles, found that real-time access to account and balanceinformation significantly improved their efficiencies.
"Under City National's system, at month's end we can now pull ourentire monthly statement off the Internet. That makes a world ofdifference for us," said Seth Weintraub, the Council's chief financialofficer. "I also like the online check imaging feature. We processpayroll for 12 other entities, but their checks are cut on our payrollaccount. Being able to view a check - front and back - over theInternet is a huge plus for us to verify the check."
Barclay & Company, a Marin County-based real estate investment andmanagement company, found the balance reporting and notificationfeatures particularly helpful for their daily cash assessment needs.
"We also like the range of this service. We threw about 147different scenarios at City National, and their online system handledevery one," said Serena Bertles, Barclay's controller.
Flexibility is a key component of City National's Online CashManagement. For instance, business customers can develop custom"start" pages for their online cash management accounts to display therange of real-time balances or other reports they need instantly. TheCity National platform will allow additional services to be addedseamlessly.
City National anticipates a sizeable demand for Online CashManagement, both from existing and prospective clients. "Even beforeour testing period, we've had strong interest in this product from ourclients," Russell said. Recent studies predict that up to 80 percentof small businesses in the United States will be using an online cashmanagement service by 2002. A demonstration of City National's OnlineCash Management is available by visiting www.cnb.com and clicking onthe "eLink" button.
About City National
is a publicly owned corporation with$9.1 billion in total assets whose stock is traded on the New YorkStock Exchange under the symbol "CYN." The corporation's wholly ownedsubsidiary, City National Bank, is California's premier private andbusiness bank.
City National Bank, which provides banking, trust and investmentservices, has 48 California offices located throughout Los Angeles,Orange, Riverside, San Bernardino, San Diego, San Francisco, SanMateo, Santa Clara and Ventura counties. In addition, the bank's trustand investment division, City National Investments, has $18 billion inassets under management or administration. For more information aboutthe corporation, visit the Web page, cnb.com.
About Digital Insight
Digital Insight(TM) Corp. (www.digitalinsight.com) is thepreferred eFinance enabler for visionary financial institutions.Through its comprehensive portfolio of outsourced, Internet-basedfinancial products and services built upon the company's uniquearchitecture, Digital Insight moves banks and credit unions BeyondInternet Banking(TM) to become the trusted transaction hub for theirretail and commercial customers.
Exclusively endorsed by the American Bankers Association(R) (ABA),and currently serving more than 1,155 financial institution clientsnationwide, Digital Insight provides retail and commercial Internetbanking, electronic bill payment and presentment, eCommerce portaltechnology, wireless channel delivery, advanced data mining andtargeted marketing, and Web site development and maintenance, as wellas online and call center lending services.
Each Digital Insight product and service reinforces the brands ofits client financial institutions. Digital Insight. Beyond InternetBanking(TM).
CONTACTS: City National Corp., Los Angeles
Kim George, 213/833-4715 or Stoorza Communications, Los Angeles Denis Wolcott, 213/891-2822 or Digital Insight Corp. Sly Helleis, 818/878-6048