RealTime IT News

Consolidated Data Completes Acquisition of YourBank Online.com

Mountlake Terrace, WA-based Consolidated Data said it has finalized an agreement with DETK Corp. to purchase its proprietary software, YourBank Online.com, for $10 million in cash and stock.

YourBank Online.com is a dynamic browser-based software that uses the advanced technology to deliver user-specific financial services and products via the Internet, intranets or Microsoft's WebTV.

YourBank Online.com was developed in cooperation with Microsoft and River City Bank of Sacramento, CA. Beta testing is complete and it has been in use for two years by several financial institutions on a variety of platforms, Consolidated Data said.

The product uses a central "data warehouse" concept of providing functional interfaces to bank customers for a variety of financial management needs, such as bill paying, bill presentation online for application and approval, real-time stock quotes and execution, along with the more traditional transactions, such as checking and savings.

The app uses 128 bit SSL encryption designed by Netscape.

Consolidated Data said its business model is to be at the forefront of the Internet technology revolution by being a provider of e-commerce solutions. The company said it expects the product to be the nucleus of its business.