Both small businesses and mid-market corporations are expanding their use of online banking, according to a study by Greenwich Associates, which surveyed 984 small and mid-sized firms. The results were presented at the annual conference of Corillian Corp., a provider of online banking and anti-fraud solutions for financial institutions.

About 66 percent of small businesses were banking online by 2005 compared to 43 percent in 2003. During that same time period, mid-sized businesses had expanded their use of online banking to 67 percent from 46 percent.

Small and mid-sized companies wanted money movement and direct deposit capabilities from their banks, and they wanted access to vital information, such as viewing incoming wire or ACH transfers and the ability to view cleared checks.

Among the barriers preventing greater use of online banking were the lack of remote deposit of paper checks, online banking offers that didn't fully meet their needs, and concerns about security.

www.greenwich.com
www.corillian.com