SOURCE: IntelAccount, Inc.

February 25, 2008 13:30 ET

ICBM Signs Partnership Agreement With IntelAccount to Promote Accounts Payable Automation to Members

MINNEAPOLIS, MN--(Marketwire - February 25, 2008) - The Independent Community Bankers of Minnesota (ICBM), an association representing independent community banks, and IntelAccount, a leading provider of web-based accounts payable processing, e-payment and document management services for small and medium-sized organizations, announced today a partnership agreement to offer web-based accounts payable processing and related services to community banks and their clients throughout Minnesota. IntelAccount services can be used internally by banks and as an opportunity to generate new revenue by reselling IntelAccount services on a co-branded basis to commercial clients.

IntelAccount provides state-of-the-art accounts payable processing including electronic invoice receipt, web-based invoice review and approval, e-payment and digital document storage services. Organizations using IntelAccount services can save up to 70% over internal costs, improve productivity, process and compliance controls, and reduce fraud risk. In addition, using a third party service provider can deliver the security of business continuity and separation of duties by providing all the staffing required to accommodate growth and volume fluctuations.

"This is a unique opportunity for Minnesota community banks to introduce world-class systems and internal controls into their own operations without having to invest significant capital in systems and human resources. It is also a unique new revenue opportunity to resell the services to their commercial clients. Banks can differentiate their service offerings to clients in a highly competitive market and create significant new revenue -- all while deepening relationships with their clients and saving them money at the same time," stated Doug Krukowski, COO of ICBM. "Until recently, accounts payable processing and related services were only available to the largest corporations. IntelAccount's services are tailored exclusively for the small to mid-size market and their system is able to import and export data with ITI and Jack Henry financial software systems used by many banks. ICBM is proud to be the first association in the country to introduce this new service to our bank members."

"Reducing operating costs, introducing new fee-based services and using efficient systems are strategic requirements critical to long-term success for any organization. IntelAccount is helping clients across the country accomplish all these goals," stated David Crane, CEO of IntelAccount. "For over 45 years, the ICBM has been recognized as a trusted leader in the Minnesota banking community. We are very excited about this partnership and the opportunity to work with the ICBM to bring these leading edge services to their members."

About IntelAccount

IntelAccount is a national provider of Web-based accounts payable processing, e-payment and digital document management services to small and medium-sized organizations. IntelAccount saves clients up to 70 percent over current processes while adding improved productivity, process control, business continuity and reduced risk of fraud. Based in Minneapolis, MN with an office in Long Island, NY, IntelAccount is a "green" organization dedicated to improving the environment by delivering a paperless, on-demand accounts payable solution for its customers. IntelAccount was a 2007 winner of the Upsize Growth Challenge, recognized by FAO Today Magazine and The Hackett Group as a nominee for "Global BPO Provider of the Year," and a 2006 Minnesota Cup Business Competition Finalist. Visit www.intelaccount.com to learn more.

About the Independent Community Bankers of Minnesota (ICBM)

ICBM, headquartered in Eagan, represents nearly 300 independent community banks plus more than 300 branch locations with assets exceeding $20 billion. The association's mission is to provide active leadership for its members on programs, products, services and the preservation of a competitive environment. It offers products and services in such areas as technology, legislation, education, marketing, and purchasing through programs designed exclusively by and for independent community banks.

Contact Information

  • Contact:
    Doug Krukowski
    COO
    Independent Community Bankers of Minnesota (ICBM)
    651.687.9080

    David Crane
    CEO
    IntelAccount
    631.270.7684