FYI Alltell & Intellidata @ MSNCentral
ALLTEL and InteliData Announce Plans for Internet Payment System Alliance
Companies Announce Plans to Jointly Develop and Market Internet Bill Payment and Presentment Solutions to Financial Services Market
December 8, 1999 11:43 AM
MIAMI, Dec. 8 /PRNewswire/ -- InteliData Technologies Corp. INTD , a leader in Internet banking and bill payment technology, and ALLTEL AT , a leading provider of application software and outsourcing services to the financial services industry, today announced at BAI's Retail Delivery conference the companies have signed a letter of intent to jointly develop and market bill payment and presentment services. As part of the relationship, the two companies will provide services that provide banks with additional control of their Internet bill payment and presentment delivery strategies.
Upon the completion of a definitive agreement, the companies plan to implement a series of solutions that utilize the existing bank payment system infrastructure as an interbank electronic payment network. These solutions include a bill payment warehousing service that will give banks the ability to capture and mine consumer payment information; a least-cost routing service that will allow banks to capture and process "on-us" payments to bank merchants; an interbank exchange service designed to allow banks to efficiently "trade" transactions; and bill presentment services to allow banks to warehouse and route electronic bills for their corporate customers. The companies plan to co-market the solutions to both new and existing ALLTEL Information Services and InteliData customers.
InteliData President and Chief Executive Officer Al Dominick commented, "Banks are clearly seeking a broader role in bill payment and presentment to protect and leverage their corporate relationships and to protect the payment system franchise. What have been missing are the solutions that allow banks to efficiently capture and cost-effectively route 'on-us' payment transactions and to exchange transactions with other banks. The next natural step in this evolution is for banks to begin exchanging transactions with other banks to take advantage of interbank payment exchanges as they have done historically in the ATM and paper check clearing systems."
Randy Watson, senior vice president of strategic solutions and consulting services at ALLTEL Information Services said, "We believe the combination of ALLTEL's experience with core banking technology assets like operations, outsourcing and software, and InteliData's leadership in bill payment technology will provide financial institutions with a new level of control within the electronic commerce arena."
About ALLTEL (www.alltel.com)
Ten of the top 25 U.S. banks rely on ALLTEL Information Services' systems for core account processing, and ALLTEL's Advanced Loan System is the retail lending application chosen by more of the top 100 U.S. banks than any other single vendor application. Additionally, more than 34 percent of the total dollar volume of outstanding U.S. consumer loans, including mortgages, is processed on ALLTEL Information Services' software applications.
ALLTEL is a customer-focused, information technology company that provides wireline and wireless communications and information services. ALLTEL Information Services, with customers in 53 countries and territories, provides information processing management, outsourcing services and application software to the financial, mortgage and telecommunications industries.
About InteliData (www.intelidata.com)
InteliData, with headquarters in Reston, Va., is a leading supplier of Internet banking and bill payment solutions. Eight of the top 100 U.S. banks are customers of InteliData's current generation of Internet banking products and services, and twenty of the top 100 U.S. financial institutions and financial service providers have chosen InteliData's products and services for their electronic financial delivery. The Company's products provide financial institutions with highly scalable and reliable Internet transaction and payment processing solutions that give them total control of customer information and payment processing. These services allow consumers to securely and reliably check account balances in "real-time", view account transaction history, transfer funds between accounts, and do online bill payment to any of the consumers' billers. The Company's products include the Interpose(TM) Transaction Engine, Interpose(TM) OFX Gateway, and the Interpose(TM) Payment Warehouse.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the completion of a definitive agreement, the impact of competitive products, pricing pressure, product demand and market acceptance risks, bank year 2000 compliance issues, reliance on resellers, pace of consumer acceptance of home banking, bank mergers and acquisitions, risk of integration of the Company's technology by large software companies, the ability of financial institution customers to implement applications in the anticipated time frames or with the anticipated features, functionality or benefits, reliance on key strategic alliances and newly emerging technologies, the on-going viability of the mainframe marketplace and demand for traditional mainframe products, the ability to attract and retain key employees, the availability of cash for growth, product obsolescence, ability to reduce product costs, fluctuations in operating results, ability to continue funding operating losses, delays in development of highly complex products and other risks detailed from time to time in InteliData filings with the Securities and Exchange Commission. These risks could cause the Company's actual results for 1999 and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, InteliData.
SOURCE InteliData Technologies Corp.
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