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Telstra Launches Online Banking Solution

[Sydney, AUSTRALIA] Telecommunications services provider Telstra has launched an online banking solution initiative to provide Internet banking services to second tier financial institutions such as credit unions and small banks.

Through an alliance with Axis Media Group subsidiary NBBS, the Telstra eBanking Solution (TeBS) will use network banking technology from the global software company Brokat.

"The eBanking Solution will provide second tier financial institutions with the facility to launch an Internet banking service without the need to invest in costly infrastructure and software," said Telstra's eBanking solution product manager Ilona Johnson.

"The technology provides a platform which, through further development, will allow a financial institution to connect customers to core banking systems via access devices such as kiosks, mobile phones, Personal Digital Assistants (PDAs), Interactive Voice Response (IVR) systems and popular personal finance packages such as Microsoft Money," said Johnson.

The eBanking Solution will also include a Customer Relationship Management (CRM) system to develop tailored customer services, making the product one of the first Application Service Provider (ASP) products to be launched in the financial services area, Telstra said.

"The eBanking Solution will enable Telstra to build closer relationships with the financial services sector, value-add to its hosting and network capabilities and provide another channel to market for future technological offerings such as Wireless Application Protocol (WAP)," Johnson said.

Telstra plans to target approximately 24 financial institutions within the next two years.