Banks To Form Electronic-Billing Company - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Banks To Form Electronic-Billing Company

Chase Manhattan, First Union, and Wells Fargo banks yesterday outlined plans to form a joint venture to accelerate the adoption of online bill presentment.

The new company, temporarily called the Exchange, will act as a hub to deliver bills and payments between member companies and their customers. "This is an important step in filling a gap in the electronic-billing marketplace today," says Ronald Braco, senior VP at Chase Manhattan, who is acting as chairman of the Exchange's steering committee. "We want to produce something that allows one connection to all corporate customers and one connection to consumers."

Braco says the idea of a centralized connection point for online bill presentment is based on the same concept banks exercised when they built a centralized network that allowed customers to access different banks when using automated teller machines. The founding banks are opening the membership to all other financial institutions.

The Exchange will use Sun Microsystems' SunConnect secure open architecture--designed to handle multiple simultaneous transactions--to process the Internet transactions. It will also incorporate software developed by Visa USA for financial-transaction processing.

The banks anticipate the venture will begin operating by the end of the year, and a name for the company will be announced in the near future.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
News
COVID-19: Using Data to Map Infections, Hospital Beds, and More
Jessica Davis, Senior Editor, Enterprise Apps,  3/25/2020
Commentary
Enterprise Guide to Robotic Process Automation
Cathleen Gagne, Managing Editor, InformationWeek,  3/23/2020
Slideshows
How Startup Innovation Can Help Enterprises Face COVID-19
Joao-Pierre S. Ruth, Senior Writer,  3/24/2020
Register for InformationWeek Newsletters
Video
Current Issue
IT Careers: Tech Drives Constant Change
Advances in information technology and management concepts mean that IT professionals must update their skill sets, even their career goals on an almost yearly basis. In this IT Trend Report, experts share advice on how IT pros can keep up with this every-changing job market. Read it today!
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll