OneCore Small-Biz Gateway Admits All Banks American Banker (11/06/00) Vol. 13, No. 7 p.11; Bach, Deborah
OneCore Financial Network, which in two years has
attracted 5,000 small businesses to its online financial service,
has opened itself up in allowing any bank to private-label and
resell its services. The company's offering, which provides bill
payment, 401(k), leasing, loans, consolidated cash management,
credit and merchant accounts, and payroll, had previously been
reserved solely for OneCore customers with money market accounts.
The maneuver will ideally perk up interest in the service among
banks, which have typically focused their efforts on retail and
large corporate accounts. Many OneCore clients swear by the
service, marveling at its round-the-clock access and real-time
processing. OneCore president and CEO Jack Littman-Quinn says of
his offering, "This platform was built by entrepreneurs, for
entrepreneurs. We set it up as if we were using it ourselves.
It's very hard for a large financial institution to get into the
shoes of an entrepreneur and figure out what a small entrepreneur
is going to need."