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A new bill payment customer up on commercial side:
February 4, 1999
Boston Financial Network Inc., a virtual financial services firm serving the cash management needs of small businesses, is set to debut in early March, says Barry L. Star, chairman and founder of the Woburn, Mass.-based startup. "Our only business is small business," he says. The venture capital-backed company, which Star says "smells" and functions like a bank but is not a bank, was formed in April 1998 and is now piloting in New England, with "under 100" clients. BFN, through its BNFI Securities Inc. subsidiary, is an SEC-registered discount broker/dealer. Its bundle of electronic services includes banking and cash management, credit and debit cards, bill payment, payroll, 401(k), lending and insurance. BFN's core account is a brokerage cash management account, where small-business owners can put money into a money market fund and write checks off of it. BFN is the first financial services firm to use Norcross, Ga.-based CheckFree Corp.'s commercial bill payment service, Star says.
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