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Banking on the Web

By JEFF HARRINGTON

© St. Petersburg Times, published August 31, 1998


Banking over the World Wide Web is still in its infancy for consumers, but their online options are still far greater than what is available for businesses.

A recent survey by Citation Internet Consulting Group of Houston found that, as of March, only five of the top 114 U.S. banks offered an Internet cash-management product for businesses on their Web sites. Eight more banks reported such sites under development.

Citation blames security concerns, but says that issue is now vanishing with the development of safer products.

Floridian businesses have it better than their counterparts in some other states. The two biggest banks operating in Florida -- rivals NationsBank Corp and First Union Corp., both of Charlotte, N.C. -- were among four institutions singled out as having "outstanding treasury management sites." Together, NationsBank and First Union account for nearly half of all Florida deposits.

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