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Royal Bank of Canada is bringing the Internet banking technology of Security First Network Bank (SFNB) to its home market.
Royal Bank, which acquired the $105 million SFNB last year from Atlanta-based Security First Technologies (SI), has entered a five-year, $50 million software licensing pact with S1, under which Royal Bank will integrate S i's Virtual Financial Manager (VFM) software into its Web banking offerings for Canadian customers.
Royal Bank previously had offered VFM only to U.S. customers, serving Canadian customers with its in-house developed Internet software. Over the next 18 months, the Toronto-based bank will replace the in-house product with VFM, making VFM its standard Web banking platform for North America, said Marty Lippert, vice chairman and chief information officer.
After the move to VFM, Royal...