Security First Network Bank
- Security First Network Bank
Security First Network Bank claimed to be the first pure internet bank and was founded in October 1995 based in Pineville, Kentucky [ [http://www.fdic.gov/bank/analytical/banking/1995summ/art3full.html FDIC Banking Review, Vol. 8 No. 3 - Article III February, 1996] ] . Several months later, the bank relocated to Atlanta, Georgia.
It was established as a savings bank with a wholly owned software company. Eventually teller services were added in Atlanta, Georgia. Royal Bank of Canada (RBC) acquired the banking portion of the Security First while the software development company was spun off as SFNB Technologies. RBC subsequently acquired Centura Bank of North Carolina, rebranded the online banking segment as RBC Centura, and made several adjustments to customer terms of service at that time.
Before Security First some banks had experimented with a variety of schemes for providing online banking. Usually this involved some kind of token that was placed in an account that could only be used on the Internet. The tokens were not protected by depositors insurance.
Security First allowed direct access to accounts, bill payment and the viewing of check images, all of which are commonplace today.
External links
[http://www.s1.com S1] - as SFNB Technologies is now titled.
References
Wikimedia Foundation.
2010.
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