>>>This is rather troublesome,since it would appear to take CKFR out of the loop. Any thoughts?
Yes. Well, BoA is the first bank to try to go it on its own. They will most likely fail miserably. There are some very good reasons banks have not even attempted to do this on their own...
1. Billers, Billers, Billers do not want to have to feed bills individually to each bank, they would much rather feed their bills to a consolidator (i.e. CKFR), and let the consolidator do all the work.
2. IF you can't sign up enough billers, or some of the key major billers(ATT, MCI, Spring, etc.), your service will not fly.
3. Economies of scale. Even with the largest bank, they cannot match the economies of scale of a consolidator. Citi was smart enough to know this.
4. Technology. Are billers really looking to major banks for technology solutions?
Problems with BoA...
Notice this statement, "Bank of America will announce tomorrow it has begun a pilot project for viewing and paying bills online that will be expanded by year's end to include Californians who use BofA's online banking services"...
Only California, I wonder when BoA is going to be a national bank?<g>, Their Production bill pay engine can only handle California at this point, a major problem.
IMHO, BoA will fail badly. Not to mention TransPoint has been trying to do this for TWO YEARS!!!, BoA must be dreaming if they think they even have a shot of pulling this off
Benny(IMHO) |
