Might as well toss another Log on the Fire......
Integrion Leads Online Banking Market With Three Quarters of a Million Subscribers 10:47 a.m. Dec 02, 1998 Eastern
LAS VEGAS, Dec. 2 /PRNewswire/ -- Integrion Financial Network today announced that approximately 750,000 subscribers are now banking online through Integrion, positioning the company as the leading provider of end-to-end electronic banking services in the country. These consumers have relationships with financial institutions that have selected Integrion as their provider for interactive banking and electronic commerce.
Integrion made the announcement at the Bank Administration Institute's Retail Delivery Systems Conference.
The number of subscribers has been rapidly increasing over the last few months, growing in excess of 2,000 consumers per day. As of November 30, the subscriber count surpassed 747,000, an increase of 64,000 from October. Based on market estimates of 5 million total online banking households in 1998, Integrion commands a leading market share of 15%. At current rates, Integrion will surpass the one million subscriber milestone in early 1999.
William M. Fenimore Jr., CEO and Managing Director of Integrion, said: "From the very beginning, Integrion has been focused on providing our customer banks with a solution that is capable of handling significant subscriber and transaction volumes in a reliable and secure manner. The hundreds of thousands of bank customers now online clearly demonstrate the effort is a success."
Mr. Fenimore added, "As online banking, electronic bill payment and bill presentment gain mass acceptance over the next several years, financial institutions will be accountable for delivering these services to millions of customers in a dependable way. Integrion is committed to standing behind our financial institutions as an industrial strength and stable technology partner."
In 1998 Integrion owner banks PNC, Michigan National and ABN AMRO launched web-based electronic banking services through Integrion. These banks joined Bank One and Nationsbank -- now Bank of America -- which went live with Integrion's electronic banking platform services in 1997. Washington Mutual and Mellon Bank are currently piloting Integrion services and plan to go live in 1999. In addition, Bank One and PNC announced their intention this year to use integrion's IFS platform to provide Internet-based electronic bill presentment and payment services to their customers in 1999.
Owned by 15 banks, IBM and Visa USA, Integrion Financial Network provides interactive banking and electronic commerce services to financial institutions. Through the Interactive Financial Services (IFS) platform, Integrion offers financial institutions a network through which electronic transactions flow from multiple consumer access points to a bank's host system or processor.
Technology partnerships with IBM and CheckFree allow for the delivery of flexible, high-utility applications to financial institutions for the benefit of end customers. Integrion's operating philosophy allows banks to determine the manner and format in which home banking and electronic commerce services are offered, ensuring consistency with the bank's full range of services, effective branding by the bank, and maximum customer benefit.
The IFS platform is a real-time middleware solution that connects multiple electronic access devices with financial institution legacy systems. Through IFS, Integrion financial institutions are able to leverage a shared investment and achieve economies of scale that are difficult to duplicate on a proprietary basis. IFS was developed by IBM and is used by Integrion owner banks, which represent more than 75 percent of the households in the United States and Canada.
For more information, visit the Integrion web site at integrion.net.
SOURCE Integrion Financial Network
Copyright 1998, PR Newswire
infoseek.com |
