Philadelphia, Pennsylvania-based USABancShares.com (NASDAQ: USAB) announced Wednesday that it will launch a private banking site to specialize in serving the financial needs of the business-to-business Internet community.
The new site, to be called B2Banc.com, will offer a variety of customized financial packages, including Internet access service and long distance telephone service.
“The business-to-business market is extremely important for us, and has remained virtually untouched by the online financial services industry. As B2B commerce expands, we will be there to make sure that the financial aspects of buying and selling products and services online are seamless for companies that choose to do business together,” USABancShares.com President Ken Tepper said.
Bank Within A Bank
The new B2Banc.com will be a division of USA BancShares.com’s vBank, an FDIC insured financial institution. The company hopes to leverage existing relationships to give B2Banc.com a core set of clients that it can set other companies up to work with. B2Banc.com will target new and established business-to-business Web sites to help create online affiliations and provide billing and payment functions at those sites, new B2Banc.com President Brian Hartline said.
B2Banc.com customers will have automatic purchasing power at affiliate sites, giving them the ability to directly link their business bank accounts with vendors who provide online products and services. This service will make online and offline transactions faster, allowing companies to simply transfer funds between bank accounts. In addition, B2Banc.com says it will offer customized financial products and services to specialized industry and trade groups.
USABancShares.com already provides an eclectic mix of services. In addition to the online banking services it offers consumers through vBank, the company operates an online stock brokerage called USA Capital and an Internet auction of FDIC insured certificates of deposit, called CDenergy.
The company has created partnerships with various Internet services and e-commerce companies, including Yahoo!, Macromedia, MP3, NASA and Indian artist M.F. Husain to promote its financial services through their Web sites.
USA BancShares.com also offers an easy mechanism for online bankers to donate money to charity, allowing fund transfers from their online accounts to a variety of charities featured on the site. The bank will match each gift up to $5 (US$).