WELLS FARGO LICENSES TEKNOWLEDGE's TEKPORTAL ACCOUNT AGGREGATION SOFTWARE
SAN FRANCISCO — May 20, 2002
Teknowledge Corporation (Nasdaq SmallCap: TEKC) announced today that Wells Fargo (NYSE: WFC) has licensed and is now using TekPortalä software in its account aggregation service offering. TekPortal, the leading on-premises based account aggregation software available worldwide, will be 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.”
Teknowledge Corporation (Nasdaq SmallCap: TEKC) 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.
About Wells Fargo & Company
Wells Fargo and Company (NYSE: WFC) was the first financial services company in the U.S. to launch Internet banking services for its customers in 1995 (www.wellsfargo.com ), and today is the only financial services company to be ranked in the Top 10 by Gomez Advisors for both online banking and online brokerage.
Wells Fargo is a $308 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through 5,400 stores, its Internet site and other distribution channels across North America as well as internationally.
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.