BAC news out! Internet stock?!?!
Monday November 16, 8:54 am Eastern Time
Company Press Release
Bank of America Announcement
SAN FRANCISCO--(BUSINESS WIRE)--Nov. 16, 1998--Bank of America announced
today it will enable commercial credit card customers to access the power of a transaction information management system that
uses Web-based, point-and-click technology to set new standards of speed, accuracy and cost-efficiency.
EAGLS(SM), the online account management and reporting system for Bank of America commercial card customers, enables
businesses of any size to take advantage of electronic commerce solutions and helps them lower expenses by becoming less
dependent on labor-intensive and paper-based transactions.
EAGLS was originally designed with the requirements of the federal government's General Services Administration in mind.
EAGLS has now been modified to meet the needs of private sector customers.
Bank of America unveiled EAGLS for commercial card users today at the Treasury Management Association's Annual
Conference in Orlando, Florida.
''EAGLS is unique and represents Bank of America's vision for its commercial card products,'' said Scott Collary, Bank of
America senior vice president of Commercial Card Services.
''It allows us to better serve our customers by delivering card program administration, reporting and cost allocation from a
Bank of America centrally-hosted environment with the protection and security of an Internet browser environment,'' Collary
said.
EAGLS combines Bank of America's globally accepted card infrastructure with state-of-the-art Internet technology to give
users the value of reduced time and processing costs, the capability to move and manage information, and increased efficiency
and flexibility to update and expand functionality as the businesses' needs evolve.
EAGLS allows users to set up accounts, maintain them, view regularly scheduled reports, as well as write their own reports
with new flexible management information tools. The system also provides superior controls, expedited cardholder setup and
on-line access to at least 13 months of data. End-to-end purchasing capability will be delivered through an electronic mall
interface, accompanied by electronic reconcilement and EDI capability.
Value to commercial card customers from EAGLS includes:
-0-
-- Cost and time savings through automating cost allocation;
-- ability to maintain the customer's commercial card program
online; and
-- security of an Internet browser environment.
EAGLS is expected to become available to commercial card customers in mid-1999.
Bank of America is an award-winning innovator and a recognized leader in the card industry. Bank of America Corporation
and its subsidiaries currently provide some of the world's largest travel and purchase card programs. They are also major
providers of purchasing card services for state and local governments.
Bank of America Corporation, with $594 billion in total assets, is the largest banking company in the U.S., with full-service
consumer and commercial operations in 22 states and the District of Columbia. Bank of America provides financial products
and services to 30 million households and two million businesses, as well as international corporate financial services for
business transactions in 190 companies. Bank of America (NYSE:BAC - news) stock is listed on the New York, Pacific,
London and Tokyo stock exchanges.
www.bankamerica.com www.nationsbank.com
Contact:
Bank of America
Dennis Wyss, 415/622-3010 |
