View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
November 2, 1997updated 03 Sep 2016 2:11pm


By CBR Staff Writer

IBM Corp has handily coralled a set of major banks together under its electronic banking consortium, the Integrion Financial Network, and now Checkfree Corp is celebrating a contract to provide them all with electronic billing and payment services. Integrion, which has invested in Atlanta, Georgia-based Checkfree, will integrate its Interactive Financial Services and Gold Message Standard electronic commerce software with Checkfree’s processing software, and is expected to complete the work by the first quarter of next year. Integrion is made up of 18 banks and financial institutions including Citibank, Royal Bank of Canada, and First Union National Bank, as well as IBM itself and Visa USA, who have equal 1/20th stakes. Integrion believes between 12 and 15% of US households will be using electronic banking services by the time the agreement expires in 2007. Under the terms of the agreement both companies will continue to develop and support their own customer bases. Financial terms were not disclosed, but it is understood that Integrion will acquire 10-year warrants for 10m Checkfree shares; 3m of which will be delivered within 60 days and the remaining 7m on delivery of certain performance targets.

Content from our partners
Unlocking growth through hybrid cloud: 5 key takeaways
How businesses can safeguard themselves on the cyber frontline
How hackers’ tactics are evolving in an increasingly complex landscape

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.