Bank of America Launches U.S. Wireless Financial Services
Tuesday August 29, 5:01 am Eastern Time
Press Release
Initial Rollout Enables Private Bank Clients in Select
U.S. Cities to Bank ``on the Go'' Using Mobile Phones and Personal Digital Assistants
CHARLOTTE, N.C., & TORONTO--(BUSINESS WIRE)--Aug. 29, 2000-- Delivering on the
promise to turn wireless devices into ``portable banks'' for its customers and clients, Bank of America,
the nation's largest bank, in conjunction with 724 Solutions Inc., a leading software developer for
financial-services providers, 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,
Texas; Baltimore; 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,
anytime -- from the palm of their hand.''
Bank of America, the nation's leading online bank, with 2.4 million online 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 online 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 Corp. (IDC) projections, approximately 40 million consumers will bank
online 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 online 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(TM) handheld computers:
Banking: View account balances and transaction histories for Bank of America checking, 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 handheld
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 and electronic bill payment, in future implementations.
About Bank of America
Bank of America and its affiliates, with $680 billion in assets, provide online 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 online 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 centers, ATMs and telephone call centers, creating a better, faster, easier
banking and investing experience for all the bank's customers and clients.
The company's stock (ticker: BAC) 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.
About 724 Solutions
724 Solutions provides an Internet infrastructure solution to financial institutions that enables them to
offer personalized and secure mobile banking, investment and commerce services across a wide range
of Internet-enabled wireless and consumer electronic devices. The company provides end-to-end
customer support through its global application hosting and contact center services.
724 Solutions' customers comprise world-class financial institutions whose combined customer bases
total 165 million. 724 Solutions' common shares are listed on the Nasdaq National Market (SVNX)
and the Toronto Stock Exchange (SVN). With headquarters in Toronto, the company has offices in
London; Paris; San Francisco; Santa Clara, Calif.; Sydney, Australia; and Tokyo.
For additional information, visit www.724.com.
This news release contains statements of a forward-looking nature. These statements are made under
the ``safe-harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These
forward- looking statements can be identified by terminology such as ``will,'' ``expects,'' ``anticipates,''
``future,'' ``intends,'' ``plans,'' ``believes,'' ``estimates'' and similar expressions. The accuracy of these
statements may be impacted by a number of business risks and uncertainties that could cause actual
results to differ materially from those projected or anticipated, including risks related to: the risk that
technologies for the delivery of financial or e-commerce services over the Internet and wireless
networks will not be developed or be attractive to consumers as anticipated; the risk that Bank of
America and 724 Solutions will not successfully deploy or operate services based upon the 724
Solutions Financial Services Platform; and other risks outlined in 724 Solutions' Securities and
Exchange Commission filings, and filings with Canadian Securities Administrators, including but not
limited to 724 Solutions' registration statement on Form F-1, prospectuses, material change reports,
Annual Information Form, Form 20-F, Management Information Circular or filings on Form 6-K. Bank
of America and 724 Solutions do not undertake any obligation to update this forward-looking
information, except as required under applicable law.
Contact:
Bank of America
Linda Mueller, 213/228-7850 |
