InteliData (INTD) update:
Spectrum is getting stronger. The more bills presented through the Spectrum switch, the better it will be for InteliData.
GM
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edocs And Spectrum Form Strategic Alliance To Offer A New Way For Businesses and Consumers to Manage Their Online Accounts
NATICK, Mass. & ATLANTA--(BUSINESS WIRE)--July 30, 2001--
edocs to Offer Online Account Management and e-billing to Leverage
Spectrum's Participant Network Of 6 Million Online Consumers
edocs, Inc. and Spectrum EBP, today announced a strategic alliance to connect billers and consumers through Spectrum's electronic bill presentment and payment network. With this alliance, edocs software will be certified for use by edocs' biller and bank customers, and will allow those customers to connect to the Spectrum network and the consumers they serve.
edocs, Inc. is the leading developer of software for online account management and e-billing applications for Global 2000 organizations. Spectrum, a bank-centric payment system utility founded by J.P. Morgan Chase & Company (NYSE:JPM), First Union Corporation (NYSE:FTU) and Wells Fargo & Company (NYSE:WFC), provides financial institutions a secure, open and interoperable infrastructure to exchange electronic bills and payments.
"Our Fortune 500 customers have recognized the substantial return-on-investment generated by online account management and e-billing. As a result, we have experienced increased demand for our software, eaSuite 2.0," said Kevin Laracey, CEO, of edocs. "With the Spectrum alliance, we are able to provide additional end points for our billers increasing their access to more consumers and speeding adoption."
Including its three founders, 22 financial institutions currently belong to the Spectrum network or have signed letters of intent to participate in the network. Spectrum's participant banks include six of the top 10 US banks representing 6.1 million on-line consumers and 10 of the top 30 credit card issuers nationwide.
"We believe edocs' brings a tremendous depth of knowledge to the Spectrum network of banks, billers and consumers, and will help continue to drive consumer adoption rates," said John Perry, Chairman and CEO, of Spectrum. "Spectrum's bank-centric network creates competitive productivity and cost advantages as well as allowing partners to control customer relationships."
"Financial services companies are increasingly turning to online account management as an extension of their customer relationship management strategy," said Beth Robertson, senior analyst, at Tower Group. "Together edocs and Spectrum are building a large payment network for users to exchange bills and payments at one location on the Web. The aggregation of account information provides a more robust offering to consumers and billers, and will continue to fuel adoption of electronic billing."
About Spectrum:
Spectrum EBP, LLC ., headquartered in Atlanta, Ga., is an independent company fully owned by J.P. Morgan Chase & Co. (JPM), First Union Corporation (FTU) and Wells Fargo & Company (WFC). 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 spectrumebp.com.
About edocs:
edocs, Inc. develops, markets and supports the leading software platform for online account management and e-billing. edocs' eaSuite(TM) maximizes customer relationships by enabling web-based billing, customer self-service and targeted marketing. edocs' products are used by some of the world's largest companies in the world across a variety of verticals including telecommunications, banking, brokerage, mutual funds, credit card issuers, retailers, insurance and utility services. Customers include, Fannie Mae (NYSE: FNM), American Express (NYSE: AXP), Saks (NYSE: SKS), Sprint (NYSE: FON, PCS), Telstra (ASX: TLS), FleetBoston Financial (NYSE:FBF), Franklin Templeton (NYSE: BEN), and Edison International (NYSE:EIX). edocs' technology web-enables more than 60 million households and 20 million businesses for online account management and e-billing through its installed base.
edocs' is privately held and headquartered in Natick, Massachusetts with international offices in Europe and Asia. The company has raised over $80 million in private equity from investors such as Charles River Ventures, Sigma Partners, Jafco, Goldman Sachs, GE Capital, Amerindo Investment Advisors, Charter Growth Capital, Armada and Aurora Technology Funds. For more information on edocs, visit www.edocs.com.
CONTACT:
edocs: Spectrum EBP:
Lisa Burke Peggy Sung
edocs, Inc Thomson Financial/Carson
508-652-8317 212-510-9307
lburke@edocs.com peggy.sung@tfn.com
KEYWORD: MASSACHUSETTS GEORGIA
BW2096 JUL 30,2001
5:01 PACIFIC
8:01 EASTERN |
