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Avantek’s Avanta™ Banking Services Hub Solution Targets Multi-Channel Delivery, Customer Data Integration.

November 01, 2004 -- SUNNYVALE – Avantek, a provider of innovative software technology for the banking industry, today announced availability of its Banking Services Integration solution, Avanta™ Banking Services Hub, designed specifically to meet the needs of the banking industry.

Avanta Banking Services Hub is an advanced middleware application that provides banks with complete, actionable, cross-channel view of customers, interactions, accounts, transactions, and products, by converging isolated back-office systems into a single, consistent data and services hub. The solution is designed for banks of all tiers that need to obtain complete, cross-channel customer view, and deliver it to customer touch points in real time, enabling effective, just-in-time marketing strategies. Avanta Banking Services Hub also allows banks to provide an integrated and consistent multi-channel banking experience to both retail and commercial customers. The solution leverages Avantek’s component-based platform for banking, Avanta Banking Objects.

In the light of the recent proliferation of delivery channels combined with the shift towards customer-centric strategies, the topics of Multi-Channel Delivery and Customer Data Integration are getting increasing attention from the banking community. According to Celent Communications, “80% of major banks worldwide are currently engaged in or planning channel integration projects. Many top tier institutions aim to achieve full integration by 2007.” These initiatives are expected to deliver sizable ROI: Forrester Research estimates that a proper implementation of a multi-channel banking strategy “should reduce transaction costs by 30%.”

Avanta Banking Services Hub provides 360-degree visibility of shared data and business processes for banks’ customer profiles, product and service portfolios, bank accounts, financial transactions, reference data and other key components within the banking domain, consistently delivering actionable information across all delivery channels and applications. Unlike the generic cross-industry Customer Data Integration solutions or infrastructure-level horizontal integration middleware, Avanta Banking Services Hub is specifically designed for banks and incorporates banking-specific business logic, which allows bridging the gap between the 24x7 operation mode of electronic delivery channels and the batch-oriented offline operation mode, typical for most back-office banking systems.

About Avantek.
Avantek is a Silicon Valley-based software company specializing in innovative IT solutions for the banking sector. The company was founded by a team of bankers and IT professionals with a proven track record in delivering sophisticated software solutions for the banking sector in the areas of core banking, e-banking, EFT, card processing, compliance, capital markets, CRM and business process integration. Founded in 2000, Avantek is a privately held corporation headquartered in Sunnyvale, California. Avantek has over 20 active clients and has been cash flow positive since early 2002.