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Strategies & Market Trends : e-Commerce the Next 100 Months...... -- Ignore unavailable to you. Want to Upgrade?

To: Benny Baga who wrote (277)	3/27/1998 8:45:00 AM
From: AugustWest	Respond to of 2882

Well Benny, I love to give you news; So here is just a bit more proof that our gov. wants it a movin' _______________________________________________ The Fed Pushes Electronic Payment System March 27, 1998 ------------------------------------------------------------------------ Inter@ctive Week via NewsEdge Corporation : Fearing banks will miss a looming deadline to install systems to handle federal payments electronically, the Federal Reserve has taken action to jump-start the process. The imposition of the Financial Electronic Data Interchange (FEDI) system, which will allow the federal government to pay its bills electronically, could accelerate the adoption of electronic commerce systems by the wide range of companies that do business with the government, according to observers. The Reserve announced plans to purchase and distribute FEDI software to the 12,000 banks and institutions connected to FedLine, the Reserve's private electronic payment network. The move is seen as a sign that the Reserve will not bend a Jan. 1, 1999, deadline, which requires all banks connected to FedLine to be FEDI-enabled. The banks were supposed to buy and install the systems on their own initiative, in order to meet the Jan. 1 deadline. However, Robert Allen, vice president at the Federal Reserve Bank of Kansas City, Mo., said with only an estimated 15 percent now FEDI-enabled, it was becoming clear that a large majority would miss the deadline. "I don't think the deadline has gotten high enough recognition, nor do I think the financial institutions have stopped to think about what the consequences might be," Allen said. Failure to install the FEDI systems would not prevent the banks or their clients from receiving money from the federal government. However, it would prevent them from interpreting the details surrounding those payments. A company, for example, that has multiple invoices filed with the government would receive a payment but would not know to which invoices the payment pertained. The Reserve filed a request for proposals in September 1997 for electronic data interchange software, in an attempt to gain a bulk pricing discount and make the systems more financially attractive for the banks. It announced on March 9 the contract had been awarded to Bottomline Technologies (www.bottomline.com), a private company based in Portsmouth, N.H. Phil Grannan, vice president of marketing at Bottomline, said the Reserve's action could be a boon for companies in the e-commerce arena. The Reserve estimates it will save $100 million per year by processing fund transfers electronically. <<Inter@ctive Week -- 03-23-98>> [Copyright 1998, Ziff Wire

To: Benny Baga who wrote (277)	3/27/1998 8:53:00 AM
From: p friend	Read Replies (1) \| Respond to of 2882

Thank you for your response. Continuing: I have used Checkfree's pay anyone system for several years and it is great. Agreed. I realize that if the vendor doesn't connect their financial institution account into the e-money world somehow, mail is the only option and the 4 days are required. But vendors huge and tiny are very rapidly realizing that the e-way is the cool way to collect what is owed them. How will Checkfree move to dominate the world of e-money payment when they will have so many more competitors. Right now, credit card numbers are leading the way for internet and 800 number commerce. Isn't this the same question as "When will we see the button appearing?" I want to be sure that I can pay by Checkfree wherever I buy remotely and have the vendor just as happy to take my money as a credit card purchase.