MISSION, Kan., June 25, 2001 (PRIMEZONE) -- Nescrow Technologies, Inc. announced today a strategic partnership with the banking group, Farmers Bank and Trust, NA. Farmers Bank and Trust received limited exclusive rights to market the Nescrow Technologies Web-based banking cash management CashMate(tm) product.
CashMate(tm) is a proprietary payment initiation software suite developed as a secured browser-based application to be used by banks and financial institutions to originate wire and automated clearinghouse (ACH) transactions, create domestic and international payments, while providing controls for internal cash management, information reporting, corporate and retail banking activities.
CashMate(tm) is a multi-tiered (Holding Company, Affiliate, Correspondent Bank, Corporate, and Retail Banking) financial solution that does not rely on legacy systems. Comprehensive multi-bank ACH, Wire Transfer, Cash Management, Information Reporting, and Retail Home Banking modules, designed with open API's, can be linked to most legacy systems. While its open design can be easily integrated into many of the standard legacy applications currently in operation, CashMate(tm) is not reliant on them. The CashMate(tm) application architecture is built from specifications for multi-bank, multi-tiered, administratively distributable payment software suites designed to reduce administrative and operational costs while providing for and supporting exponential growth.
Nescrow will fully support Farmers Bank and Trust NA, and its use of CashMate, through its ASP business model. Nescrow Technologies will be solely responsible for enhancements and support of CashMate(tm).
CEO, William Rodgers, said, "The introduction of CashMate with Farmers Bank and Trust NA, will be immediate and we are extremely pleased and excited to partner with Farmers Bank and Trust. The ability for Farmers Bank and Trust to offer a product with such a great amount of flexibility and efficiency, such as CashMate, will be an excellent value enhancement to their portfolio of electronic payments and cash movement services."
"We are excited about the new relationship with Nescrow Technologies, which will allow us to offer a cutting-edge to our cash services by adding CashMate," said W.R.Robbins President of the $275 million Farmers Bank and Trust. "This new technology will greatly improve our cash management services for our customers," Robbins added.
About Nescrow Technologies
Nescrow Technologies, Inc. has developed NTP(tm) (Net Transaction Protocol), a suite of Web-based technology products including CashMate(tm), a Web-based product that is a comprehensive payment processing system for the creation of domestic and international wires, ACH origination and receipt, cash management reporting services, and on-line customer inquiries. CashMate(tm) provides a customizable, Web-based, five-level, distributable, fully secure, system for a bank's corporate customers, and retail customers and internal departments.
The NTP(tm) process is designed to counter transaction fraud, create security, and streamline consumer-to-consumer, business-to-consumer and business-to-business sales in the Web environment. Internet Fraud Watch stated that 87% of fraud on the Internet is contained on auction sites. Nescrow has released SelfShip.com, the shipping component of NTP, and expects to launch its buying and selling fraud protection product called PayNShip, in the very near future.
NTP(tm), using the PayNShip product, provides for the purchase, pickup, delivery and return of any size, type or price of merchandise via SelfShip(tm). NTP(tm) also provides a mechanism for payment; and is the first system to automatically escrow both the buyer's funds and the seller's goods until the sale is completed to the satisfaction of both.
Nescrow also provides consulting, programming and platform integration for Web-based cash management and payment systems for financial institutions.
Rodgers founded Nescrow Technologies Inc. to integrate and automate the elements necessary for efficient and secure e-commerce transactions online. The NTP(tm) business process has a patent pending. For additional information, see www.nescrow.com. Inquiries can be made to Brian Chisam at (913) 403-0313 or bchisam@nescrow.com.
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CONTACT: Nescrow Technologies Inc.
Brian Chisam
(913) 403-0313
bchisam@nescrow.com