724 Solutions provides Bank of America wireless service
724 Solutions Inc SVN
Shares issued 35,402,426 Aug 28 close $56.00
Tue 29 Aug 2000 News Release
Ms. Lisa Hamilton reports
Delivering on the promise to turn wireless devices into "portable banks"
for its customers and clients, Bank of America, in conjunction with 724
Solutions Inc., has today launched its first wireless banking and brokerage
offering in the United States.
The initial implementation will enable Bank of America private bank clients
in Dallas and Fort Worth, Tex., Baltimore, Md., and Washington, D.C., to
use a variety of wireless devices to conduct secure, real-time banking
transactions and access financial markets and investment information. Bank
of America plans to roll out its wireless service to customers and clients
in other U.S. markets over the next 12 to 18 months.
"This rollout of the Bank of America wireless offering marks a major
milestone in our efforts to make banking-on-the-go a reality for our
customers and clients across the nation," said James D. Dixon,
bankofamerica.com executive. "Together with 724 Solutions, we are creating
a new standard in wireless financial services by making it possible for
customers to enjoy the convenience of accessing our products and services
anywhere, any time -- from the palm of their hand."
Bank of America, the nation's leading on-line bank with 2.4 million on-line
customers and the largest private bank in the United States with more than
$130-billion in assets under management, initiated its wireless offering in
response to the anticipated growth in on-line banking and the rising
interest among consumers for instant access to personal, time-sensitive
information and transactions via non-PC devices.
According to International Data Corporation (IDC) projections,
approximately 40 million consumers will bank on-line by 2003. Jupiter
Communications Inc. estimates that 102 million consumers in the United
States will access the Internet through mobile devices by 2003.
"Private bank clients increasingly are on the move, and we need to
facilitate that mobility by providing more convenient and technologically
advanced ways to access our products and services," said Kathleen Gibson,
Bank of America private bank region president. "Our wireless strategy is
focused squarely on the customer -- creating added value that will help us
broaden and deepen client relationships with the right combination of
high-tech and high-touch."
"By kicking off the initial phase of its innovative wireless offering, Bank
of America is delivering to its customers the next level of on-line
financial services in the United States," said Greg Wolfond, chief
executive officer, 724 Solutions. "Starting today, Bank of America
customers will have the freedom to choose where, when and how they want to
access their financial information -- along with the added assurance that
their wireless banking transactions are securely backed by their trusted
financial institution."
Powered by the 724 Solutions Financial Services Platform (FSP), the Bank of
America wireless service will make it easy for clients to conduct a variety
of secure, up-to-the-minute banking transactions, and access financial
markets and investment information with just a few keystrokes on a range of
mobile phones and Palm hand-held computers:
Banking: View account balances and transaction histories for Bank of
America chequing, savings and credit card accounts, and transfer funds
between deposit accounts.
Brokerage: View balances and positions for Banc of America Investment
Services, Inc., discount brokerage accounts and money manager accounts.
Lifestyle: Check stock quotes and news headlines, and create and maintain
stock watch lists.
Bank of America wireless financial services will be delivered through
several wireless carriers, including AT&T Wireless Services, Sprint PCS and
Verizon Wireless. Devices include the Palm Vx hand-held with OmniSky modem,
and the Motorola StarTac, Motorola Timeport, NeoPoint 1000 and Mitsubishi
t250 phones.
Bank of America announced its strategic alliance with 724 Solutions last
summer and has been working closely with the company to develop the
internal infrastructure necessary to support wireless banking and brokerage
via a host of wireless devices. Bank of America anticipates adding
additional wireless services, including brokerage trading through Banc of
America Investment Services, Inc., and electronic bill payment, in future
implementations.
About Bank of America
Bank of America and its affiliates, with $680-billion in assets, provide
on-line banking and investing services to more consumers, small businesses
and corporations than any other financial services company in the United
States. Bank of America has more than 2.4 million on-line banking customers
and a small business customer base of 1.7 million. The company's Internet
and e-commerce capabilities are part of an unparalleled nationwide delivery
network that includes banking centres, ATMs and telephone call centres,
creating a better, faster and easier banking and investing experience for
all the bank's customers and clients. The company's stock is listed on the
New York, Pacific and London stock exchanges, and certain shares are listed
on the Tokyo Stock Exchange. For more information, visit
www.bankofamerica.com.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
(c) Copyright 2000 Canjex Publishing Ltd. stockwatch.com |
