Wifi Revolution

ERF Wireless’ (News - Alert) ERF Enterprise Network Services subsidiary has bagged a second long-term recurring revenue banking contract. The new seven-year contract with Iberville Bank includes multiple renewal provisions to extend it up to 25 years.

The company reportedly announced a $1 million US-BankNet contract with First Federal Bank of Louisiana in June this year.

Under the new Iberville Bank contract ERF will supply bandwidth transport across US-BankNet, the company’s new fault-tolerant encrypted enterprise-class wireless financial network.

ERF Enterprise Network Services installed the BranchNet system for Iberville Bank in 2006. Where the earlier BranchNet contract for the bank provides high-speed connectivity to the bank’s remote locations, the new US-BankNet contract will provide for the delivery of additional digital services.

These services include fast access to key banking service providers, redundant routing across the network, encrypted WAN IP transport and access to a 50-mbps Level 3 Internet gateway.

“Since ERF Enterprise Network Services installed our BranchNet system last year, we have been able to adopt a host of new digital applications including a new federal regulation called Check 21, which allows us to process images of checks rather than manually processing the physical paper,” said Larry Melsheimer, president of Iberville Bank in a press release.

Melsheimer believes the US-BankNet contract gives them access to large amounts of Internet bandwidth and redundant communication paths, which is paramount in achieving the target operating efficiencies and business continuity initiatives we have set for the bank.

Iberville Bank is looking forward to sharing certain secure resources and high-speed gateways with other financial institutions that are joining US-BankNet to further reduce their collective operational costs.

John Burns, chairman and CEO of ERF Enterprise Network Services points out that although it’s only been three weeks since their announcement of the completion of their extensive two-year R&D effort and their rollout of US-BankNet, they’ve already secured their second Louisiana BankNet contract.

Burns said that his company expects many more Louisiana financial institutions joining the Louisiana segment of US-BankNet over the next five years.

“We’re excited that our Enterprise Network Services subsidiary has secured yet another enterprise-class network contract so quickly,” said ERF Wireless CEO Dr. H. Dean Cubley.

“We expect this business segment will continue to be a central part of our overall business plan of developing strategic wireless broadband business applications and to provide significant revenue growth and profits for us,” added Cubley.

The company also expects US-BankNet sales to drive demand for other products and services, including BranchNet, VoIPNet, ConferenceNet, SatNet and VideoNet.

Before scaling its US-BankNet system nationwide, ERF is targeting additional statewide networks in Mississippi, Texas, Alabama, Florida and Georgia.

ERF Enterprise Network Services is a provider of wireless networks throughout rural areas of the U.S.

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Anuradha Shukla is a contributing editor for TMCnet, covering call centers, CRM and information technology. To see more of her articles, please visit her columnist page.

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