SEATTLE, WA - October 27, 2005 - CapitalStream Inc., a leader in front office automation solutions for commercial
finance operations, today announced Bank of America has completed deployment of
all small business product lines on the FinanceCenter platform. One of the world’s
largest financial institutions, Bank of America has deployed FinanceCenter across
North America to streamline application processes, shorten decision times and
encourage cross-selling using a common Web-based platform for its small business
products sold through the Internet.
Bank of America’s FinanceCenter platform automates application processing and
decisioning for small business checking, savings, CDs, lines, loans, leasing,
business credit cards and merchant services accounts. Using a common platform,
small business customers do not have to re-enter information to apply for different
products, making it easier to apply for multiple products at the same time.
“To better serve our small business customers, Bank of America invests in Web-based
technology that encourages them to use the Internet and take advantage of the broad
range of products and services we offer,” said Peter Berbee, senior vice president,
Bank of America small business ecommerce. “Since deploying FinanceCenter,
we have noticed that customers apply for more products at the same time, demonstrating
how technology that makes it easier and faster for our customers can yield significant
results for our business.”
At Bank of America, FinanceCenter is integrated with the credit bureaus and credit card
systems as well as a variety of internal banking systems, eliminating manual processes
and data re-keying and enabling near instantaneous decisions for selected product and
customer types. Where additional review and analysis is required, the required information
is electronically retrieved and routed, streamlining data gathering and expediting decision
making. By managing eight product lines and more than eighteen different applications using
a single platform, processes are more consistent and streamlined, resulting in faster and more
efficient operations and better customer service.
“For many years, Bank of America has used our front office automation solutions for business
credit cards. With the launch of such a broad range of small business products on FinanceCenter,
Bank of America demonstrates its ongoing commitment to meet the needs of its small business
customers across multiple channels of business while also illustrating how CapitalStream solutions
have expanded to support the diverse processes and strict standards of the world’s largest financial
institutions,” said Kevin Riegelsberger, president and CEO of CapitalStream. “FinanceCenter gives
Bank of America the flexibility to evolve its products, procedures and policies without programming
or technical resources. System administration can be done directly by business analysts with the
click of a mouse – allowing Bank of America to adapt quickly to the needs of its customers.”
Bank of America has consistently been ranked among the leading online banks by analysts at Gomez®,
Inc., a leading Internet performance management intelligence company. According to Gomez, Bank of
America does business with one in every five small businesses in its 21-state (plus the District of
Columbia) footprint – totaling nearly two million clients, making Bank of America the largest small
business bank in the country.
About CapitalStream
Established in 1995, CapitalStream provides software and consulting services that enable
commercial banks and finance companies to collaborate, integrate and operate more effectively
across their front office operations. CapitalStream solutions streamline data gathering, deal
structuring, credit analysis, document generation, booking, account monitoring and ongoing risk
management to more effectively originate transactions and manage commercial relationships.
CapitalStream transforms the paper-based operations of mid market, small business, equipment
leasing and commercial real estate groups by reducing costs, risk and processing times to grow
their portfolios without increasing headcount. For more information, visit us at
http://www.capitalstream.com.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual
consumers, small businesses and large corporations with a full range of banking, investing,
asset management and other financial and risk-management products and services.
The company provides unmatched convenience in the United States, serving 33 million
consumer relationships through more than 5,800 retail banking offices and 16,700 ATMs and
through award-winning online banking with more than thirteen million active users.
Bank of America is the No. 1 Small Business Administration Lender in the United States
by the SBA. The company serves clients in 150 countries and has relationships with 96
percent of the U.S. Fortune 500 companies and 82 percent of the Global Fortune 500.
Bank of America Corporation stock is listed on the New York Stock Exchange.
Sandra Sick
Capital Stream, Inc.
949-448-4685
sandras@capitalstream.com
