DBS Bank Selects Eontec for Next Generation Internet Banking Service

DBS Bank, has selected the Ireland-based Eontec as the Software Package Vendor for the banks next generation Internet Banking Platform. The new software technology will increase the functional capability and processing scalability of the banks Internet and Wireless banking services. Eontec, with 1st tier banking customers in North America, Europe and Australia, established a service center of excellence in Singapore in January 2002 to provide licenses and professional services for the Eontec Product in the South East Asian Markets. The Eontec Product comprises functions and technology which enables banks to provide services uniformly across multiple channels such as Branch, Call Center, Internet, ATMs etc, using the same instances of software components. The Eontec User Community facilitates licensees of the Eontec Product to share ideas, experiences and customized software, in their application of the Eontec Product to their retail banking service business. DBS Bank was the first bank in Singapore to offer Internet Banking services as early as 1997. Its Internet Banking customer base has grown significantly over the last five years to more than half a million customers, the largest Internet Banking customer base among Singapore banks. Despite DBS Internet Bankings short history, there were several innovative "firsts" services introduced for the convenience of its customers. These include: -- First to offer instant Internet PIN application at the ATM (1999); -- First to offer IPO application on Internet Banking (2000); -- First to offer online direct debit payment (2000); -- First to offer Foreign Currency Fixed Deposit Placement (2002) -- First to offer third-party funds transfer via Internet banking (Y2002); and -- First to offer two-factor authentication for third-party funds transfer using mobile text messaging (2003).