Wachovia Licenses InteliData Enterprise Payment Warehouse Solution To Support Electronic Bill Payment
RESTON, Va., April 30 /PRNewswire-FirstCall/ -- Wachovia Corporation (NYSE: WB) and InteliData Technologies Corp. (Nasdaq: INTD) today announced that Wachovia has licensed the InteliData Payment Warehouse, which will be implemented to enhance bill payment services for its online customers. InteliData's product allows Wachovia to capture the complete payments life cycle, thus enhancing the company's ability to better control bill payment costs by least-cost routing payments to their internal billers, Wachovia lockbox billers, and all Spectrum EBP and Metavante billers. (Photo: newscom.com )
The InteliData software will be used for processing bill payments for Wachovia's web and Personal Financial Management (PFM) bill payment customers. It will allow "real-time synchronization" between bank channels, allowing customers who use PFMs to access their payment information from the web when they find themselves away from their PC, significantly enhancing their access to bill payment information.
"While we expect to realize meaningful cost savings as we expand our production phase of this project, simplifying and enriching our customer's online banking experience is of paramount importance," said Lawrence Baxter, Executive Vice President and Chief eCommerce Officer of Wachovia Corporation. "By partnering with InteliData, we can achieve both of our goals through one product."
"As the nation's fourth largest bank holding company, Wachovia is a leader in the financial services industry and we're pleased to partner with them on this initiative," said Al Dominick, InteliData's President and CEO. "Wachovia is also recognized as a technology leader in online banking, and we are gratified that they have successfully completed their initial implementation phase and are now beginning to fully bring InteliData-based eBanking services to their customers."
According to Beth Robertson, senior analyst for the eBanking practice at Tower Group, "Consumer use of bill payment is expected to grow significantly over the next two years, to the point where it is becoming a critical customer retention tool. What many banks are looking for now is greater control over the bill payment process, and that starts with a bill payment warehouse. InteliData has a solid track record deploying bill payment warehouses, so this is a natural fit for both companies."
About Wachovia
Wachovia Corporation (NYSE: WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 31, 2002. Wachovia is a leading provider of financial services to 20 million retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full- service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com .
About InteliData
With over a decade of experience in the industry, InteliData provides Internet banking and Electronic Bill Payment and Presentment (EBPP) technology and services to top banks, credit unions, and financial institution processors. InteliData's Internet banking products provide large financial institutions throughout the U.S. with proven scalability, flexibility and security in supplying real-time, Internet based banking services to their customers. InteliData continues to lead the charge as the industry moves towards electronic bill presentment and payment (EBPP) with the development of its end-to-end, Biller-to-Consumer EBPP solution, InteliWorks(TM). For more information about InteliData, visit the company's Web site at intelidata.com .
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, our ability to continue funding operating losses, our ability to manage our expenses in line with anticipated business levels, the ability of the Company to complete product implementations in required time frames and the Company's ability to increase its recurring revenues and profits through its ASP business model, the impact of competitive products, pricing pressure, product demand and market acceptance risks, pace of consumer acceptance of home banking and reliance on the Company's bank clients to increase usage of Internet banking by their customers, the effect of general economic conditions on the financial services industry, mergers and acquisitions, risk of integration of the Company's technology by large software companies, the ability of financial institution customers to implement applications in the anticipated time frames or with the anticipated features, functionality or benefits, reliance on key strategic alliances and newly emerging technologies, the ability of the Company to leverage its Spectrum relationship into new business opportunities in the EBPP market, the on-going viability of the mainframe marketplace and demand for traditional mainframe products, the ability to attract and retain key employees, the availability of cash for long-term growth, product obsolescence, ability to reduce product costs, fluctuations in operating results, delays in development of highly complex products and other risks detailed from time to time in InteliData filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for 2002 and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, InteliData. InteliData is not under any obligation (and expressly disclaims an obligation to) update or alter its forward-looking statements, whether as a result of new information or otherwise.
Wachovia Corporation (NYSE: WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 31, 2002. Wachovia is a leading provider of financial services to 20 million retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full- service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com .
About InteliData
With over a decade of experience in the industry, InteliData provides Internet banking and Electronic Bill Payment and Presentment (EBPP) technology and services to top banks, credit unions, and financial institution processors. InteliData's Internet banking products provide large financial institutions throughout the U.S. with proven scalability, flexibility and security in supplying real-time, Internet based banking services to their customers. InteliData continues to lead the charge as the industry moves towards electronic bill presentment and payment (EBPP) with the development of its end-to-end, Biller-to-Consumer EBPP solution, InteliWorks(TM). For more information about InteliData, visit the company's Web site at intelidata.com .
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, our ability to continue funding operating losses, our ability to manage our expenses in line with anticipated business levels, the ability of the Company to complete product implementations in required time frames and the Company's ability to increase its recurring revenues and profits through its ASP business model, the impact of competitive products, pricing pressure, product demand and market acceptance risks, pace of consumer acceptance of home banking and reliance on the Company's bank clients to increase usage of Internet banking by their customers, the effect of general economic conditions on the financial services industry, mergers and acquisitions, risk of integration of the Company's technology by large software companies, the ability of financial institution customers to implement applications in the anticipated time frames or with the anticipated features, functionality or benefits, reliance on key strategic alliances and newly emerging technologies, the ability of the Company to leverage its Spectrum relationship into new business opportunities in the EBPP market, the on-going viability of the mainframe marketplace and demand for traditional mainframe products, the ability to attract and retain key employees, the availability of cash for long-term growth, product obsolescence, ability to reduce product costs, fluctuations in operating results, delays in development of highly complex products and other risks detailed from time to time in InteliData filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for 2002 and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, InteliData. InteliData is not under any obligation (and expressly disclaims an obligation to) update or alter its forward-looking statements, whether as a result of new information or otherwise.
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SOURCE InteliData Technologies Corp.
04/30/2002
/CONTACT: Media, Julie Lewis, or Investors, Deirdre Skolfield, CFA, of InteliData Technologies Corp., +1 -703 -259 -3000/ /Photo: NewsCom: newscom.com
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