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Award for Bank of Ireland at European Technology Awards 2004

12-Nov-04

    Bank of IrelandBusiness On Linewas 'Highly Commended' in second place at the European Banking Technology Awards 2004 in the category 'Best Bank in Straight Through Processing (STP).' The winner of the overall award was the global player J P Morgan Chase. Business On Linereceived the award in recognition of their implementation of STP for Cross Border Payments.   The award was presented at a ceremony in London on Thursday 11 November, hosted by Declan Curry, the Business Presenter for BBC Breakfast and BBC News 24.

    Business On Line has created STP on all payments within the Eurozone and many other countries, including the UK and USA. This enables customers to enter payments directly onBusiness On Lineand they then flow in a 'straight through process' to the end beneficiary.   This provides customers with a significantly higher quality of delivery of payments and at a lower cost.

    Ken Slattery, Executive Director of Payments & Electronic Services with Bank of Ireland commented: 'This 'Highly Commended' award is external recognition of the significant achievements ofBusiness On Line.The implementation of STP along with other continuous improvement initiatives has led to an unprecedented increase in new customer registrations for the service.'

    'A clear indication of the benefit to our business customers is the low rate of returns/failures on electronic cross border payments and this performance is world class standard', he added.

    Business On Line has over 70,000 users and is an award winning internet-enabled cash management service for Bank of Ireland's business banking customers. It provides customers with convenient 24/7 banking allowing them to process a whole host of routine banking transactions directly from their desktop.

    Ends

    12 November 2004

    For further information contact:

    Ken Slattery
    Payments & Electronic Services      
    Bank of Ireland                         
    Tel: 0872564458
    ken.slattery@boimail.com

    Mary Brennan
    Group Corporate Communications
    Bank of Ireland
    Tel: 01 6043838
    Mary_C.Brennan@boimail.com

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