Press Release
CertCo Announces Agreements With First International Bank and BankServ
Eases Online Purchasing Woes with Addition of Online Financing and Payment Services to its CertCo RMX Offering
NEW YORK--(BUSINESS WIRE)--July 10, 2001
CertCo, Inc., a leading provider of risk management and security solutions for B2B e-commerce, today announced enhancements to its CertCo RMX(TM) offering with the addition of online financing tools from First International Bank, a subsidiary of First International Bancorp, Inc. (NASDAQ: FNCE), and secure Internet payment solutions from BankServ, a leading provider of Internet payment services. CertCo RMX is the world' first comprehensive risk management service for online B2B transactions, enabling members of public and private exchanges and industry consortia to manage the risks associated with conducting high-value transactions online. Through alliances with leading providers of financial and business information, credit, trade finance and insurance, CertCo RMX delivers real-time access to essential information and services that enable businesses to complete trusted online transactions. A single source for the completion of online transactions, CertCo RMX allows businesses to negotiate deals, authenticate trading partners, check credit, secure financing and assure performance and payment via the Internet.
With the addition of online commercial and international loans from First International Bank, CertCo RMX users can secure up to $5 million in financing per online transaction. With ThruCreditsm, First International Bank' solution for financing transactions via the Internet, users can choose from a full range of commercial and international loan services using the bank' online e-CreditMenusm. Products in the e-CreditMenu include basic payment guarantees, working capital lines, equipment loans and industrial mortgages, as well as sophisticated international trade programs. CertCo RMX users also can access BankServ' secure Internet payment solutions, including real-time Automated Clearing House (ACH)-based Internet checks, wire transfers and credit card processing. These services allow businesses to use their existing accounting and payment infrastructures to pay for their purchases online.
"Online exchange members will clearly benefit from more sophisticated online transaction services that enable them to assess their trading partners, and then finance and pay for their transactions online," said June Yee Felix, chairman and CEO of CertCo, Inc. "With the addition of trade financing services from First International Bank, and payment solutions from BankServ, we are rapidly expanding our CertCo RMX offering to help exchanges and consortia to better meet the online purchasing needs of their members." By employing CertCo RMX, which reduces the uncertainty and risks involved with online transactions, exchanges and industry consortia can expand the range of acceptable trading partners for their members and potentially increase the frequency of transactions. The CertCo RMX service' single XML interface makes it easy for exchanges to integrate risk management capabilities into their existing infrastructures, freeing them to focus on their core business objectives and helping them achieve an edge in serving their members' needs.
About First International Bank
First International Bank (www.firstinterbank.com) - a world leader in the use of SBA, USDA and Export-Import Bank loans - provides innovative credit, trade and financial solutions for small and medium size industrial businesses. The company has 15 offices coast-to-coast in the U.S. and international representatives at 14 locations worldwide in the Americas, Asia, Africa, the Middle East and Central Europe. In 2000, the company originated more than $500 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.3 billion. Established in 1955, the bank is a subsidiary of publicly traded First International Bancorp Inc. (NASDAQ: FNCE), with headquarters in Hartford, Connecticut.
About CertCo®, Inc.
Founded in 1996, CertCo, Inc. is a leading provider of risk management and security infrastructure solutions for B2B e-commerce. CertCo provides corporations, financial institutions, trading networks and governments with business solutions that enable them to safely conduct global, high-value transactions over open networks - effectively removing the "last hurdle" in end-to-end B2B e-commerce. The company offers a full suite of risk management and security services that leverages its thorough understanding and experience with business process, legal, technology and cryptography issues, as well as its deep and long-standing relationships with insurance and financial service providers. Based in New York and privately held, CertCo also operates a research and development office in Cambridge, Mass and a European subsidiary based in London. More information is available at www.certco.com.