Wells
Fargo Licenses Teknowledge's TekPortal Account
Aggregation Software
SAN
FRANCISCO and PALO ALTO, Calif., May 17, 2002 -- Teknowledge
Corporation (Nasdaq SmallCap: TEKC)
announced today that Wells Fargo (NYSE: WFC) has licensed
and is now using TekPortal software in its account aggregation
service offering. TekPortal, the leading on-premise based
account aggregation software available worldwide, has
been installed and deployed in the financial services
company's data center.
Neil
Jacobstein, president and CEO of Teknowledge said, "Today's
announcement is the result of cooperative work between
Wells Fargo and Teknowledge. It is a material event, since
it is the first time that Teknowledge has licensed such
a large customer for TekPortal software. This deal highlights
the acceleration of a trend to bring account aggregation
solutions in-house with TekPortal software."
"Wells
Fargo's OneLook service helps customers manage financial
resources across Internet sites," said Avid Modjtabai,
executive vice president of Wells Fargo's Consumer Internet
Services. "Instead of visiting multiple sites with
separate sign-on procedures, customers can save time and
view a consolidated financial picture of all their accounts
- even those outside of Wells Fargo. Customers now have
one-stop service integrated through a single sign-on to
all of Wells Fargo's banking; bill pay; mortgage; student
and personal loans; home equity loans; auto loans; full-service
and discount brokerage; credit card accounts as well as
access to customers' personal e-mail and reward accounts."
Teknowledge's software model encourages banks and brokerages
to offer account aggregation service directly to customers,
instead of using a third-party application service provider.
Deploying TekPortal account aggregation provides many
benefits to Wells Fargo, including complete control over
how to manage and protect their customers' data, the ability
to more easily customize account aggregation within their
own enterprise, and the ability to control costs through
fixed license and maintenance fees.
"By
integrating OneLook with its leading single sign-on service
Wells Fargo is providing customers with a more seamless
experience," said best-selling author and customer
service expert Robert Spector, who profiles Wells Fargo
in Anytime, Anywhere: How the Best Bricks-and-Clicks Businesses
Deliver Seamless Service to Their Customers. "Wells
Fargo's Single Sign-On service is already the industry
model because it provides access to more products and
services through a single login and password than any
other competitor."
About
Teknowledge
Teknowledge
Corporation provides advanced software and services to
transform business data into value. Teknowledge is the
largest provider of financial account aggregation software
worldwide and a prime contractor for R&D in Internet
security, Web-based training, distributed systems and
knowledge processing. Founded in 1981, Teknowledge holds
an extensive intellectual property portfolio, including
nine software patents. More information about Teknowledge
may be found at www.Teknowledge.com.
This
press release contains forward-looking statements relating
to the demand, market acceptance, and anticipated growth
of products and services offered by the Company that are
subject to a high level of uncertainty. All forward-looking
statements involve risk and uncertainties, and actual
results could differ materially from those set forth in
the forward-looking statements contained herein.
CONTACT: investors,
Dennis Bugbee, +1-650-424-0500, or media, Pushpita Prasad, +1-650-429-2723.
SOURCE: Teknowledge
Corporation
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