More propaganda from Rectum, courtesy of the Yahoo thread (sorry, the last bit is cut off)...
Funny thing is, a year ago this would have tanked the stock (hopefully, I'm not speaking too soon). I hope Spectrum's not buying into their own crap, 'cause they're laying it on pretty thick, IMHO. Oh, by the way -- our "friend" Sharon is quoted...
*****
BSNS WIRE) Eleven Major U.S. Banks Set to Participate in Spectrum; Widespread Industry Acceptance of Spectrum Will Jumpstart Market for Electronic Billing
Business Editors
NEW YORK--(BUSINESS WIRE)--December 8, 1999--Eleven major U.S.banks have signed letters of intent to participate in Spectrum, L.L.C., an independent company formed in October by The Chase Manhattan Bank, First Union and Wells Fargo to facilitate the exchange of electronic bills. New participants include: Michigan National, Comerica, First Tennessee, HSBC USA Inc., Mellon Financial Corp., M&I
Marshall & Ilsley Bank, Summit Bancorp, and Wachovia Corp.
Chase, First Union and Wells Fargo formed Spectrum earlier this year to fill a significant gap in the electronic bill presentment market. Spectrum functions like a hub, allowing participants to route electronic bills through a single connection to other participants. By
bringing together a critical mass of consumers and billers, as well as promoting interoperable standards, Spectrum will accelerate the adoption of electronic bill presentment and fuel market growth.
"Industry response to Spectrum has been absolutely phenomenal," said Ronald Braco, chairperson of Spectrum's board and senior vice president of Chase Manhattan. "Virtually every major financial institution is interested in joining, and we expect to continue to
build membership at an accelerated pace. The high level of interest among major financial institutions validates the Spectrum model and is personally gratifying to those of us who have worked hard to establish this critical industry initiative."
Spectrum became operational as an independent company with full funding from the founding banks in mid-October 1999. The Spectrum technology platform has been in production since the end of November, and bills are now being exchanged between the founding members. The company plans to add payments capability in the second quarter of 2000.
"We've successfully put the pieces in place and demonstrated our ability to exchange bills through Spectrum," said Sharon Osberg, Spectrum board member and executive vice president and head of Wells Fargo Online Financial Services. "By signing up major U.S. banks, we
are rapidly accumulating the critical mass of billers, small
businesses and individuals needed to fuel widespread adoption of electronic bill payment and presentment."
A new report from Roper Starch estimates that a quarter of U.S. households now have Internet access, up from an estimate of 14 percent in 1997, and this number continues to grow. These consumers embrace online solutions that save them time and make their lives easier and, according to market research, have a keen interest in receiving their
bills online. Now individuals will be able to access consolidated billing information through the bank of their choice, so long as it is associated with Spectrum. In the future, affiliated banks may offer a variety of services to billers for hosting or delivering electronic
bills, but Spectrum itself will not host any bills, and it will not retain any billing details.
"As the first organization to provide an open, interoperable
mechanism for exchanging online bills, regardless of the technology employed by the individual members, Spectrum will make electronic billing a reality for the average American," said Kellie Scott, Spectrum board member and senior vice president and Director, eChannels Division at First Union.
Research shows that consumers are interested in receiving bills via their banks. By bringing together millions of billers, small businesses and consumers, Spectrum is building the critical mass necessary to speed the adopti |
