Atlanta’s small and mid-sized banks that want to offer their clients international banking services may now rent the technology to support their own back-office operations from a new company started by three Bank of America Corp. veterans.
The recently launched BankHOST Inc. enables these banks, including the U.S. branches of foreign financial institutions, to offer international services without relying on correspondent banking arrangements.
“BankHOST will deliver the capabilities that these institutions need without forcing them to make long-term technology investments or give up control to another bank,” Tom Henner, the company’s president, told GlobalFax last week.
Mr. Henner is a 15-year veteran of NationsBank Corp. that merged with Bank of America in 1998. He shares ownership of the new company with Reshey Lall and Jim Jainauth, also former NationsBank officers.
He said that BankHOST enables banks to offer traditional banking services such as letters of credit, banker’s acceptances and electronic funds transfers. But, he added, the automation of these services makes BankHOST’s role more critical than ever as paper processes are replaced by electronic transactions.
BankHOST has strategic agreements with providers of wholesale money transfer systems, corporate banking systems and bank trade finance software developers, including Fundtech based in Ramat Gan, Israel, and Midas-Kapiti International based in London.
Amquest Inc. of Atlanta provides management, technical staffing and data center services.
For more information, Mr. Henner may be reached by calling (404) 289-7658 or send a fax to (404) 289-5887.