Single Source Product Overview

We have met with many financial institutions about their present concerns and issues, and one theme seemed to be universal -- they all wished that someone had a system that took care of all of their banking needs. Not ten separate systems that send files back and forth to each other but one complete system that has everything. As technology and customer expectations change, the need for a unified system to run the entire institution has never been greater.

Introducing Single Source -- the first holistic banking product designed by, and for, community financial institutions. A comprehensive system built on the Microsoft .Net Framework, Single Source incorporates mission critical banking applications – core, business and retail internet banking, telephone banking, item processing, teller capture, remote deposit capture, ACH, document origination, image archive and others – on a single platform that is real-time, scalable, redundant, and secure.

From a software design perspective, a driving factor has been enabling institutions with better information to enhance profitability and manage risk. At present most financial institutions rely on previous day’s balances to make today’s decisions, as their current systems view General Ledger through a historical view. With Single Source your institution is empowered with on-line, real-time information about your institution’s chart of accounts in the General Ledger system. So while you can research historical information with Single Source, your institution also receives the added benefit of on-line, real-time General Ledger information.

Just as General Ledger is the heart and soul of your institution, the same is true of Single Source. Each functional application originates in General Ledger, and all transactions flow through General Ledger on-line, real-time. For example, if a teller is providing cash back to a customer then the General Ledger cash accounts are updated in real-time to give your institution an exact cash position that can be viewed on-demand via a research report or research inquiry.

Furthermore, each of your financial institution’s products flow through General Ledger and are in essence proper sub-sets of the General Ledger system. Each product set is defined by the institution, and products can range from traditional (loans, deposits, cds, savings) to contemporary (zero balance accounts, transaction mortgage accounts, and others.)

Utilizing a single Product Selection Wizard, all customer products flow through a common set-up process that includes compliance forms, eliminating the data silos inherent with separate loan and deposit platform automation systems while reducing the complexity of training and maintaining multiple systems and interfaces. Single Source also includes support for digital / electronic signatures, automated image / archival of documents, and a tickler / tracking / workflow system to correspond with each new account and the required or optional documents.Fr

om an architecture perspective, Single Source employs the best of today’s proven technology and is the first new core system developed from scratch in the last several decades. The system has been authored in C# (Sharp) on the Microsoft .Net Platform, and functions seamlessly with technology from industry-leading organizations such as Oracle®, EMC®, Intel®, VMware® and others.

Deploying a multi- tiered architecture, Single Source contains multiple tiers with separate functions formed as components allowing for database, business logic and presentation tiers. This multi-tiered approach increases scalability, and extensibility to adapt to multiple and new technologies as they are introduced to the market. The .Net framework also provides “Remoting Capability” to encrypt or obfuscate the transmission of data from the system to users, providing secure and stable information presentation to users both inside and outside of the institution.

Single Source’s real-time architecture may be deployed in-house or outsourced providing nearly instantaneous redundancy for both data and the application. This design provides the highest level of stability and security at a lower total cost of ownership than traditional, disparate banking systems and empowers institutions with greater control of their data, business continuity and disaster recovery. The result is that Single Source is more secure, more complete and less expensive to operate than anything the financial market has ever seen.

The Single Source go-to-market strategy has been a phased approach concentrating on the needs of our initial clients. We have focused our efforts on replacing significant mission critical functionality while temporarily relying on the institution’s current 3rd party products for other capabilities. A core tenant of Single Source is the ability to interface with 3rd party products at no additional cost. In the near future we expect many of our clients will utilize all Single Source capabilities and eliminate the need for 3rd party applications.

As we continue, we believe leveraging the input from financial institutions will be a critical factor in the evolution of Single Source and New Core Banking Systems. To date we have held more than 100 focus group meetings with a select group of financial institutions, and we continue these meetings bi-weekly to ensure the continued success of Single Source.