InteliData Announces Certification Agreement With Spectrum; InteliData to be a certified provider connecting Financial Institutions to Spectrum
RESTON, Va.--(BUSINESS WIRE)--May 21, 2001--InteliData, a leader in Internet banking and bill payment technology, today announced an agreement with Spectrum EBP to become a certified provider of solutions to connect banks to the Spectrum electronic bill presentment and payment network.
The agreement with Spectrum, a bank-owned payment system utility that routes electronic bills and payments between billers and consumers, will allow InteliData to certify its InteliWorks CSP (Consumer Services Provider) Server for payment and presentment with Spectrum.
The InteliWorks CSP Server, which helps banks to collect and warehouse bills from multiple billers and biller service providers (BSPs) and then warehouse and route the associated payments, will give banks the ability to deploy a turnkey solution. Spectrum, in turn, will provide connectivity to multiple billers and BSPs through its open network and directory system.
"In the last 6 months Spectrum has developed a critical mass of biller and consumer reach along with some very compelling economics," said Al Dominick, president and CEO of InteliData, "This has created a rising tide of demand for an open, EBPP solution that gives banks greater control of their customer relationships."
Commenting on the agreement, Ron Braco, COO and President of Spectrum said, "We are pleased InteliData has chosen to certify their solution with Spectrum. InteliData has a solid track record of providing well-designed payment systems and OFX solutions and has been an important participant in the development of the Spectrum switch. InteliData has made a significant investment in the creation of -a well-rounded CSP solution that will enable Spectrum members to leverage the power of the Spectrum payment and presentment network."
The CSP Server will be available either as an in-house solution or as an ASP (Application Service Provider) solution and will support both OFX and IFX messages. The InteliWorks CSP Server is built on a J2EE-based transaction processing platform to provide unsurpassed deployment flexibility while ensuring reliable, scalable, and secure operations.
About InteliData
InteliData provides Internet banking and Electronic Bill Payment and Presentment (EBPP) technology and services to banks, credit unions, and financial institution processors. InteliData's EBPP products offer banks and other financial institutions an end-to-end solution for creating e-bills for billers, distributing e-bills and e-payments through multiple delivery channels, delivering e-bills to consumers, and enabling payment of bills through multiple payment processors utilizing OFX and IFX messaging standards.
InteliData's Internet banking products provide large financial institutions throughout the U.S. with unsurpassed scalability, flexibility and security in supplying real-time, Internet based banking services to their customers. For more information about InteliData, visit the company's Web site at intelidata.com
About Spectrum
Spectrum is an independent company fully owned by J.P. Morgan Chase & Co. (NYSE:JPM,), First Union Corporation (NYSE: FTU - news) and Wells Fargo & Company (NYSE: WFC - news). Formed to facilitate the exchange of electronic bills and payments, Spectrum's mission is to provide a secure, open and interoperable infrastructure to electronically link consumer and biller service providers.
Additionally, Spectrum seeks to provide value to its participants by providing superior service and reducing overall bill presentment and payment costs. Spectrum does not host any bills directly, nor does it retain any bill details. Including the three founders, 22 financial institutions currently belong to the Spectrum network or have signed letters of intent to participate in the network. More information on Spectrum can be found at www.spectrumebp.com.
CONTACT:
InteliData
Magnet Communications
Gail Richardson, 212/367-6936
E-mail :grichardson@magnetcom.com
or
Spectrum
Weber Shandwick Worldwide
Mary Catherine Bassett, 404/266-7568
E-mail: mbassett@webershandwick.com
KEYWORD: VIRGINIA DISTRICT OF COLUMBIA
BW2384 MAY 21,2001
7:32 PACIFIC
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