Banc One I'm not worried about going by their last press release, Norwest is part of Wells Fargo. The only bank left is Mellon, and it'll be some time before a pilot gets off the ground in Steel Town. IF (a big if) Key bank does not go with MSFDC, they will be stuck with two banks, Wells Fargo and Mellon, at least for the time being.
If you noticed in the last two press releases the Wells Fargo pilot had been started and Mellon would start later this summer. No mention of Key Bank or Banc One. Banc One I think is committed to CheckFree and Integrion. Key bank is a question mark.
I'm just rounding up my thoughts for the week in which I think we had some very good discussions. I hope everyone has a great weekend.
The Banks will eventually all sign up with most presentment providers, ala the US Post Office, UPS, FedX...they won't take 'mail' from just one source....Like at your office where you work is it common for somebody to say?, "I'm sorry we don't take Fed X here, you will have to return that to the sender".....that BITS thing will make them, OFX & Gold compatible, or one standard.
The biggest difference I see between the 2, is OFX is batch, and Gold is realtime. If we end up processing bill payments in realtime, and we will, balances of accounts will be availabe to the user on any web site, not just the banks site...like the ATM network...think about it...how could you work with an ATM if you didn't know the balance...or most importantly the bank ATM you we're drawing out of didn't know what your balance was? We'd have a free-for-all on them fricken things. ie it won't be a Bank captive thing...ah ah no way...it's MY money! It's everywhere I want to be.
Really...step out 5 years from now...step..step...look back, then look forward. It's a biller war....can anybody spell PULL-MAN?
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