CitX Corporation of Quakertown, PA, and its strategic partner Priority One Electronic Commerce Corporation of Akron, PA, Thursday announced the development of Intrapay Funds Disbursement, a new Internet-based E Commerce service, that enables the automatic disbursement of funds via the Internet.
The new network-centric service will permit businesses to electronically pay vendors, employees or taxes using their web browser and a special Internet-based middleware platform developed by CitX and NCR Corporation.
The first application of Intrapay Funds Disbursement will be launched with Sibley Services Inc., of Philadelphia PA, who provides payroll and other accounting management services to small and medium sized businesses in the eastern region. Sibley Services Inc., will offer the Funds Disbursement service to their clients as a way to facilitate automatic direct deposit of payroll funds to their employee’s bank account.
“Intrapay Funds Disbursement is easy to use, works on any computer platform and requires no additional software to be purchased. All that is needed is Internet access and a JAVA enabled web browser”, said Bernie Roemmele, CEO of CitX Corporation. “We also plan on integrating automatic EDI translation support to enable simple utilization by EDI based businesses without changing their legacy systems,” continued Roemmele.
To use the Intrapay Funds Disbursement service,
1. clients have CitX build a private web site platform called Intrapay, and open an EFT cyber bank account with Farmers First Bank.
2. The client then logs into their private web site and sets up their Disbursement Schedule listing payee, date due, and the amount to pay. When it is time to make the scheduled disbursements, the system first transfers the total amount to be disbursed from the clients business bank account, into their EFT Cyber bank account.
3. Next, the funds are individually distributed to each payee listed on the Disbursement Schedule via EFT and the banking network.
The Intrapay Funds Disbursement service is facilitated by CitX, Priority One, and NCR Corporation.
CitX provides a secure transaction system called SETX, that enables automatic pre-processing of transactions, builds and maintains the Intrapay Platform, and provides all technical support.
Priority One handles the payment processing activities, data exchange with the banks, and customer account support.
NCR will provide their Top End embedded middleware and computer servers to operate the SETX system, Intrapay Platform, disbursement service and interface to heterogeneous systems and networks that may need to be interfaced to.
Recently, CitX and NCR formed a strategic relationship to develop and market Internet-based Electronic Commerce services world wide, in the health care, insurance, retail, banking and general business sectors. CitX and Priority One have also formed a strategic partnership to jointly market and support Internet-based E Commerce services. One of the first services deployed was “Intrapay – Bill Collect”, a service that enables any business to automatically collect their receivables on the date due via the Internet.
“The Intrapay Funds Disbursement service will enhance our current business-to-business and business-to-consumer cash management services. It is a great complement to our Bill Collect service which has been in operation for several months”, said Sid Lieberman, Chairman of Priority One.Details