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Strategies & Market Trends : e-Commerce the Next 100 Months......
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To: cm who wrote (1011)5/22/1998 9:33:00 AM
From: cm  Read Replies (1) of 2882
 
Much More Relevant News: CKFR and Visa...

Visa, Checkfree to Create E-Payment
Infrastructure
[May 22, 1998] Visa U.S.A. and CheckFree said they plan to form a joint venture
that will create the next generation electronic bill payment and remittance
infrastructure for financial institutions and billers.
Combining the funds transfer services of Visa's ePay electronic debit and settlement
product with CheckFree's remittance data services, the new joint venture will
enable financial institutions to offer their customers an end-to-end, electronic billing
and payment capability.
"Our joint venture with CheckFree enables Visa to combine its core strengths in the
electronic payments realm with the resources of the leading electronic bill payments
processor," said William E. Stewart, executive vice president of Visa U.S.A.
Said Peter J. Kight, chairman and CEO of CheckFree: "This alliance marks the
beginning of a new era as we move to all-electronic delivery and settlement for
electronic bill payments and even small business and consumer-to-consumer
payments."
The joint venture infrastructure will work seamlessly with all major front- ends being
used by financial institutions, including the Integrion Financial Network's IFS
platform, the companies said.
Integrion said it played a key role in bringing together Visa (an owner of Integrion)
and CheckFree (Integrion's strategic partner for bill presentment and payment
processing). Integrion is an alliance between 17 of the nation's largest financial
institutions, IBM and Visa U.S.A., collectively representing more than 75% of the
nation's banking households.
Last modified: Friday, 22-May-1998 09:08:33 EDT
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