SOURCE: BofI Holding, Inc.

BofI Holding, Inc.

December 03, 2015 16:05 ET

BofI Federal Bank Launches Enhanced Cash Management Suite

Expands Addressable Market of Potential Business Deposit Customers

SAN DIEGO, CA--(Marketwired - Dec 3, 2015) - BofI Holding, Inc. (NASDAQ: BOFI) (the "Company"), parent company of BofI Federal Bank (the "Bank"), announced the full rollout of its enhanced cash management software for small and mid-sized businesses. The expanded product offering includes a variety of upgrades in security, software integration, and reporting functions. 

Since introducing its initial cash management service to small business customers over two years ago, BofI Federal Bank has continued to add features and functionalities that makes it easier and more efficient for small and medium sized business users to conduct their core banking functions. The most recent upgrades include:

  • Real-time reporting for liquidity management, including intra-day posting of payments
  • Customizable reports with client and industry-specific information
  • Mutual authentication with a single secure sign-on
  • Multi-channel reporting alerts, payments and approvals
  • Enhanced audit and fraud analytics

"With the recent enhancements to our cash management offering, we are able to pursue traditional middle market businesses we could not fully service previously," explains Robert Armstrong, Head of Business Banking at BofI Federal Bank. "Additionally, we are adding custom features for target industry segments such as title/escrow, property managers, and other settlement businesses that further improves our value proposition for these clients. Our ability to develop custom APIs for select types of workflows is a big competitive advantage as we compete for larger accounts."

About BofI Holding, Inc. and BofI Federal Bank
BofI Holding, Inc. ("BOFI") is the holding company for BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With approximately $6.3 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding, Inc.'s common stock is listed on the NASDAQ Global Select Market under the symbol "BOFI" and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information on BofI Federal Bank, please visit bofifederalbank.com.

Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including without limitation statements relating to BofI's cash management software. These forward-looking statements are made on the basis of the views and assumptions of management regarding future events and performance as of the date of this press release. Actual results and the timing of events could differ materially from those expressed or implied in such forward-looking statements as a result of risks and uncertainties, including without limitation changes in government regulation, general economic conditions, conditions in the real estate markets in which we operate and other factors beyond our control. These and other risks and uncertainties detailed in BofI's periodic reports filed with the Securities and Exchange Commission could cause actual results to differ materially from those expressed or implied in any forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and BofI undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

Contact Information

  • Investor Relations Contact:
    Johnny Lai, CFA
    VP, Corporate Development & Investor Relations
    858-649-2218
    jlai@bofifederalbank.com