Comerica Selects Cyber-Ark Vaulting Solutions
Companies to Deliver “User-friendly Security” that Automates and Safeguards Confidential Communications with Thousands of Treasury Management Customers over the Internet
Detroit and Dedham, Mass., – May 5, 2003 – Comerica Incorporated (NYSE: CMA) and Cyber-Ark Software Inc. today announced that Comerica’s Treasury Management Services has selected Cyber-Ark’s Vaulting Technology to streamline and protect Internet-based communications with thousands of corporate customers.
Comerica’s Treasury Management Services provides customers worldwide with a full-range of electronic solutions, ranging from account transaction processing and reconciliation services to automated receivables processing. Treasury Management plans to leverage Cyber-Ark’s Inter-Business Vault as the standard secure communications solution for electronic information sharing. Cyber-Ark eliminates the need for expensive, time-consuming mix of communication technologies and difficult encryption, as well as manual processing.
“Setting up secure electronic communications with customers can be very labor-intensive, often requiring programmers to interface with each customer’s unique information technology systems and communications protocols,” said Daniel McCarty, senior vice president and officer-in-charge, Comerica Treasury Management Services. “Cyber-Ark will streamline account set-up, delivery and operations for Comerica’s electronic Treasury Management solutions, enabling customers to simply connect to a secure Web site to complete information exchanges. This user-friendly security solution will allow us to safely and quickly automate electronic information exchange with customers and move additional processes out of the technology area to the non-technical support units.”
The Inter-Business Vault and HTTP Gateways will enable Comerica to quickly set up accounts, delivering a transparent, out-of-the-box experience that doesn’t require significant changes to the Company’s or customers’ existing Web-based banking systems. Cyber-Ark will also enable Comerica to add additional automation that reduces the steps and technology proficiency required for customers to send, receive and process electronic transactions. In addition, Comerica will leverage Inter-Business Vault to deliver routine software updates and patches, eliminating the need to manually copy and ship a CD to thousands of customers, as software updates are required.
“Comerica is at the forefront of its industry, taking all reasonable precautions to protect customers while at the same time leveraging new technologies to streamline operations, increase efficiencies and enter new markets,” said Alon Cohen, CEO of Cyber-Ark. “Cyber-Ark’s Vaulting Technology provides a unique mix of top-notch security, flexibility and out-of-the-box transparency that can help Comerica achieve security and business goals with a single, cost-effective solution.”
Cyber-Ark provides a safe haven, highly secured regardless of overall network security, where information can be stored and shared. Cyber-Ark’s patented Vaulting Technology does not alter the way end users and their partners, suppliers and customers work together, quickly delivering transparent security that doesn’t require a vast investment in new tools, training or business processes. This substantially decreases costs, improves security, and enhances the performance associated with doing business throughout the extended enterprise.
About Comerica
Comerica Incorporated (NYSE: CMA) is a financial services company focused on business banking and asset gathering. Through its more than 500 customer-service locations, including branch, lending and investment offices, Comerica helps businesses and people be successful. Comerica is ideally positioned to deliver high quality financial services in Michigan, California and Texas, as well as in Florida, and numerous other states, Canada and Mexico. Munder Capital Management and Comerica Securities are investment services affiliates. Comerica reported total assets of $56 billion at March 31, 2003. To receive e-mail alerts of breaking Comerica news, go to www.comerica.com/newsalerts.
About Cyber-Ark
Cyber-Ark Software Inc., is the leading provider of Vaulting security software that leverages its unique patented Vaulting Technology to create safe havens for securing and sharing vital company information. The Company’s award-winning Network Vault and Inter-Business Vault solutions enable a truly secure extended enterprise by providing an infrastructure that allows for completely transparent, yet totally secure, intra- and inter- business communications. Today Cyber-Ark enjoys strong customer relationships with over 50 Global 1000 companies around the world.
Founded by a group of leading military security experts and computer engineers, Cyber-Ark Software is privately held and backed by some of the world’s most successful venture capitalists, including Jerusalem Venture Partners, Seed Capital Partners (a SOFTBANK Affiliate), JP Morgan/Chase Partners, Vertex Management and Nomura International Plc.
The Company is located in Dedham, Mass. and on the World Wide Web at www.cyber-ark.com