Bank of the West and First Hawaiian Join Spectrum Network; Will Connect Through InteliData
Bank of the West, First Hawaiian Take First Step Toward Electronic Bill
Payment; InteliData Named Preferred Spectrum Partner
RESTON, Va., and ATLANTA, Nov. 14 /PRNewswire/ -- InteliData Technologies Corporation (Nasdaq: INTD) and Spectrum EBP, LLC announced today that Bank of the West and First Hawaiian Bank have agreed to join the Spectrum network. The banks will use InteliData's Consumer Service Provider (CSP) solution, InteliWorks, to offer online consumers bill payment and presentment through the Spectrum network. Spectrum designated InteliData its first Preferred Partner, enabling the two companies to go to market with a one-source Electronic Bill Presentment and Payment (EBPP) solution for retail financial institutions.
"By joining Spectrum, Bank of the West and First Hawaiian Bank are taking the first step toward offering our customers the next important advance in e-commerce -- the ability to receive statements from utilities, retailers and other billers at a single website and pay those same bills online," said Walter A. Dods, Jr., chairman and chief executive officer of BancWest Corporation, parent company of the two banks.
InteliData's InteliWorks CSP provides each bank a complete end-to-end EBPP solution while enabling the banks to access the Spectrum network. Bank customers will be able to use the system to receive and pay bills from the bank's website, offering them an online alternative to receiving and paying bills by mail.
While Spectrum maintains an open network and has strategic alliances with nine CSP and BSP providers, a Preferred Partner arrangement allows the two companies to fully leverage their sales and marketing abilities to enroll financial institutions in the Spectrum network using InteliData's CSP solution. Founded by J.P. Morgan Chase & Co., Wachovia Corporation and Wells Fargo & Company, Spectrum is a payment systems company that facilitates the online exchange of payments, presentments, invoices, statements and other related information. Including Bank of the West and First Hawaiian, a total of 24 financial institutions belong to the Spectrum network or have signed letters of intent to participate in the network. Spectrum's expansive reach includes nearly 8 million online banking customers through its founding banks and 192 large-industry billers
"This partnership solidifies InteliData's position as a leader in the EBPP marketplace. InteliData is the first vendor to certify our CSP product on the Spectrum network and now we are the first company to enter into a Preferred Partner agreement with Spectrum," said Al Dominick, InteliData's President and CEO. "The signing of both Bank of the West and First Hawaiian represent a culmination of effort by the InteliData and Spectrum partnership."
"We are pleased to welcome Bank of the West and First Hawaiian to the Spectrum network and to announce InteliData as our Preferred Partner," said John Perry, Spectrum's Chairman and CEO. "The addition of Bank of the West and First Hawaiian to our network demonstrates the interest financial institutions have in Spectrum's bank-centric EBPP platform and InteliData's belief in a bank-centric approach to the market with Spectrum."
About Bank of the West and First Hawaiian Bank
Bank of the West and First Hawaiian Bank are both subsidiaries of BancWest Corporation, a bank holding company with total assets of $19.8 billion headquartered in Honolulu, Hawaii, with an administrative headquarters in San Francisco, California. First Hawaiian Bank has 56 branches throughout Hawaii, two in Guam and one in Saipan. Bank of the West operates 193 branches in Northern California, Oregon, New Mexico, Nevada, Washington state and Idaho.
About InteliData
With a client list that includes 21 of the top 50 banks, InteliData offers Spectrum certified EBPP products to banks, credit unions and financial institution processors. InteliData's products provide a complete end-to-end solution for distributing e-bills and e-payments through multiple delivery channels, delivering e-bills to consumers, and enabling payment of bills through multiple payment processors. InteliData's Internet banking and card products provide large financial institutions with unsurpassed scalability, flexibility and security in supplying real-time, Internet based banking and card services to their customers.
Headquartered in Reston, Virginia, USA, InteliData is publicly traded (Nasdaq: INTD) and its business partners include Spectrum EBP, ALLTEL, FDR and other industry leaders. For more information, visit the company's web site at intelidata.com.
About Spectrum
Spectrum EBP, L.L.C., headquartered in Atlanta, Ga., is an independent payment systems company fully owned by J.P. Morgan Chase & Co. (JPM), Wachovia Corporation (WB) 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, 24 financial institutions currently belong to the Spectrum network or have signed letters of intent to participate in the network including Citibank, Fleet, First Tennessee, Hibernia, M&I Bank, Provident Bank and Union Bank of California. More information on Spectrum can be found at spectrumebp.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 risks associated with the Company's recent acquisition of Home Account, 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 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 availability of cash for long-term growth, product obsolescence, fluctuations in operating results, ability to continue funding operating losses, 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 2001 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 Spectrum EBP, LLC
CO: Spectrum EBP, LLC; InteliData Technologies Corporation; Bank of the West; First Hawaiian Bank; BancWest Corporation
ST: Virginia, Georgia
IN: CPR FIN
SU:
11/14/2001 15:00 EST prnewswire.com |
