Merrill Lynch Joins MSFDC’s Internet-Based Bill Presentation and Payment Pilot
REDMOND, Wash., May 13, 1998 — Today MSFDC, the joint venture of Microsoft Corp. and First Data Corp., announced the participation of Merrill Lynch and Company Inc. in a pilot program that will enable Merrill Lynch OnLine (MLOL) clients to receive and pay bills over the Internet. This pilot will provide an enhancement to Merrill Lynch’s existing electronic bill-payment service.
Through MSFDC’s new Internet bill-delivery service, participating MLOL clients will have the benefit of bill presentation in addition to MLOL’s existing Electronic Bill Payment service. Merrill Lynch’s current service replicates the look of a checkbook on the clients’ computer screen and allows clients to automatically pay bills and track due dates and amounts due. Bills, statements and related notices from billers now will be presented over the Internet, via MSFDC, and will be accessible through clients’ MLOL accounts.
“We believe the enhancements provided through the pilot program will add value to Merrill Lynch’s current bill-paying service,” said Allen Jones, senior vice president and director of private client marketing for Merrill Lynch. “MSFDC has found innovative ways to enhance the relationships between financial institutions and their clients, and we look forward to working with them.”
“We are pleased to have Merrill Lynch join our pilot,” said Chuck White, co-president of MSFDC. “As a world leader in providing innovative financial products and services to clients, they are an important participant in this program. We look forward to providing them with the tools and technology to offer this service to their clients.”
Merrill Lynch will customize MSFDC’s electronic bill-presentment and -payment system for its MLOL clients. Currently, MSFDC is in the pilot phase with several billers and financial institutions. Merrill Lynch is the first full-service brokerage firm to join the pilot program. Merrill Lynch is scheduled to begin piloting this service in late 1998.
About Merrill Lynch
Merrill Lynch is one of the world’s leading financial management and advisory companies, with offices in more than 40 countries and total private client assets exceeding $1.3 trillion. As an investment bank, it is the top global underwriter and market-maker of debt and equity securities and a leading strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Asset Management and Mercury Asset Management, wholly owned subsidiaries, the company is one of the world’s largest managers of financial assets. For more information on Merrill Lynch, visit its Web site at http://www.ml.com .
Based in Denver, MSFDC is a joint venture of Microsoft Corp. and First Data Corp. formed in June 1997. The company is scheduled to introduce the nation’s first end-to-end system for electronic presentment of richly formatted bills over the Internet, as well as next-generation electronic payment and remittance capabilities later this year. For more information on MSFDC, visit its Web site at http://www.msfdc.com .
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