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Smiley

Core Provider

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  • Functionality & Response to Areas of Focus

  • Quick Facts

Functionality & Response to Areas of Focus

Core Functionality

Smiley states that their SIBanking solution includes the following:

  • Customer Information System
  • Demand Deposit Accounting
  • Money Market Accounting
  • Savings Deposit Accounting
  • Certificates of Deposit Accounting
  • IRA Accounting (IRA Plans)
  • Consumer Loan Accounting
  • Commercial Loan Accounting
  • Mortgage Loan Accounting
  • Lines of Credit – Revolving, Non-Revolving, Letters of Credit,
  • Revolving Credit
  • General Ledger
  • Accounts Payable with ACH functionality
  • Safe Deposit Box Accounting
  • Automated Clearing House – receive and origination daily
  • Treasury Management System (Repos)
  • Cash Management/ Sweeps
  • Commercial Account Analysis
  • Notice Distribution System
  • Teller Platform System
    • CTR & MIL Automation
    • Check Image Inquiry and Transaction Recap
    • Automated Cashier Check Printing
    • Signature Card Imaging
    • Photo ID Imaging
    • Electronic Receipts (text or email)
  • New Deposit Account Platform System with ability to add custom forms

Web/Mobile App Remote Banking:

  • Advanced Business features (ACH, Positive Pay, Dual Authority Transfers)
  • Advanced Business Approval App
  • Mobile Deposit
  • Shake and Bank
  • Round Up Savings/Block & Unblock Debit Card
  • Temporary Debit Card Limit Increases
  • Savings Goals
  • Email/Text Alerts
  • Online New Customer
  • External Transfers
  • E-Notices/E-Statements
  • Various exports of transactions in conjunction with third parties
  • Alexa Skill
  • Direct Connect/Web Connect
  • Bill Pay
  • Telephone Banking
    • Remote Deposit Capture Interface - single sign-on
    • Wires Functionality

Item Processing and Imaging Systems:

  • Branch Capture and Imaging
  • Optical “Amount Field” Reading
  • Check 21: Correspondent Bank Forward Presentment
    • Correspondent Bank Receipt Plus
    • Correspondent Bank Image Returns
  • Online Check Image Retrieval
  • Centralized Item Repair and Balancing

Reporting & Misc. Systems:

  • Banking Analytics Reporting Tool
  • Bank Manager Reporting System
  • Board Report Manager Reporting
  • Call Report Data Generation
  • Report Storage and Retrieval
  • Customer Document Imaging
  • Deposit Document Imaging
  • Loan Document Imaging
  • Audit Confirmations
  • Accounts Payable Document Imaging
  • Interagency Loan Data Interface (ILDR)
  • Internal OFAC Reporting and Scanning
  • ODBC connection to Report Writing Tool (i.e. Excel Query)

Miscellaneous Services:

  • Send Financial Data Match Files
  • Receive Check 21 Cash Letters
  • Check 21 Returns
  • Receive ACH Files
  • Originate ACH Transactions & ACH Returns
  • Originate Transit ACH for Advanced Business Web Banking
  • Perform Year End IRS Reporting (FIRE)
  • Perform Year End Tax Form Production and Mailing
  • Paper Statement Preparation and Mailing
  • Postage Optimization
  • Notice Generation

Various APIs are available for third-party integration. The core system is designed to run in a service bureau concept rather than the cloud. STI has various cloud services in its network services department. 

Firm's Response to Core Committee's Key Areas of Focus

STI states that data is the customer’s data and should be available to the customer and the bank when needed. STI has various APIs, exports and connections through OFX for access to data. What is most important is to analyze what is needed, focusing on creating efficiencies for the bank and bank customers.

STI states they are willing and able to work with fintech firms and banks who need access to core data. STI’s approach is to work with the bank and fintech to identify the needs and requirements and either expose appropriate APIs or build what is needed at a reasonable price and in a reasonable time frame. 

(Including Exclusivity, Coterminous Contracts, Deconversion Fees, Limitation of Liability, SLAs and Early Termination Penalties)

STI states the following:

  • If the bank does an acquisition and the accounts being acquired are processed by the current vendor, STI believes the bank should get a discounted price on a conversion of that acquisition.
  • The core contract should not prevent a financial institution from engaging with another core or business solution provider.
  • The term of any future amendments should be coterminous with the original master services agreement. Changes should not be new contracts.
  • All other vendor contracts should be coterminous with the MSA.
  • Typically states a “fee” for de-conversion. These fees should be quantified and not left open ended.
  • Banks should define “core files” related to a deconversion and exactly what is included in the deconversion fee (i.e. check images, online banking info, document images).
  • Takes a balanced and fair position regarding limitation of liability. The quantification of liability is defined during the contract process.
  • SLA are important, STI is confident in its services and is comfortable with these agreements. Because hardware and network reliability have improved so much over the years, service level agreements have become less of an issue.
  • Believes in a partnership concept to deal with the issues.
  • Generally has a termination for convenience clause and/or a termination for sale clause which describes the termination fee.
  • If the bank sells to a bank already on that system, the fees should be reduced.
  • The termination fees should be correlated to lost revenue.
  • Early termination typically requires some notice period.

Quick Facts

Quick Facts
Headquarters LocationLittle Rock, Arkansas
Websitesibanking.com
Year Established2002
Ownership ModelPrivate
Regionally Focused or NationalNationwide with a concentration in the Southern US
Number of Cores Offered1
Name of Core SolutionSIBanking
Number of US Banks on the Core7
FunctionalityFull core offering including GL, deposits, loans, teller, new deposit accounts, online/mobile products, document imaging and other ancillary products
Target Bank Asset Size$500 million to $2 billion
Business StrategySTI states that they aspire to be the financial technology partner of choice for community banks while growing moderately and profitably. STI states that it is a trusted voice at the table providing secure, innovative banking solutions and exceptional customer service to promote valued strategic partnerships between a bank and the core.

17:44

Video

ABA Core Platforms Committee interview with Smiley Technologies’ Elizabeth Glasbrenner

Interview with Elizabeth Glasbrenner, Co-Founder, President & CEO, Smiley Technologies

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