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Gold/Mining/Energy : Microforum (MCF:TSE) -- Ignore unavailable to you. Want to Upgrade?

To: JKNF who wrote (2029)	5/12/1999 6:38:00 AM
From: SurfForWealth	Read Replies (1) \| Respond to of 3896

Article in todays F.P. on MCF. Microforum to offer online credit approval Kim Hanson Financial Post National Bank of Canada, Canada's sixth-largest bank, has joined forces with Microforum Inc., a Toronto-based Internet developer, to offer consumers a host of credit approval services over the Internet. The joint venture, announced yesterday and to be called e-FINCOM.com Inc., will give customers options to apply for various forms of credit, starting with automotive approvals, and later extending services to charge cards, insurance, and leasing applications. Users will be able to apply for credit by plugging into a specified Web site address (www.e-fincom.com). The service is designed to make the bank approval process more efficient, and is open to any Net surfer who wants quicker access to credit. Car dealers, for example, will be able to punch in the name, address, social insurance number, place of work, and average salary, of a potential buyer. Within 30 seconds, the Internet site will respond with a credit approval, having already conducted a credit check, and provided a list of banks or other financial institutions willing to approve financing. If a credit application is rejected, the system will automatically approach another financial institution. Tom Delaney of the Consumers' Association of Canada said protection and privacy are the biggest concerns among users. "At this stage of the game, I wouldn't be using [the Internet] unless I had some assurances that information I'm going to pass on is protected," said Mr. Delaney. John Bordignon, manager intermediary services for National Bank, said: "I can tell you the technology in place has the highest available security on the market today." Mr. Bordignon declined to disclose how much the bank expects to generate in revenue from the initiative. National Bank will own a 51% stake in the new online entity, pending regulatory approval. Microforum, which trades on the Toronto Stock Exchange, will hold the remaining 49% stake. However, both companies said they intend to sell a portion of the Internet platform to banks, leasing, insurance firms, and other financial institutions that have already expressed an interest. "I think banks are realizing there's just no point in spending millions of dollars to build their own platform," said Howard Pearl, president and chief executive of Microforum. Microforum shares rose 15¢ to $8.60 yesterday.