, Nov. 2, 1998 — First Union Corp. and TransPoint today announced that First Union will pilot the TransPoint Internet bill delivery and payment (IBDP) system, enabling First Union home-banking customers to receive and pay bills over the Internet quickly and easily. TransPoint, formerly MSFDC, is the joint venture of Microsoft Corp. and First Data Corp., with Citibank as a minority equity investor.
“Internet bill delivery and payment adds tremendous value to First Union’s service offerings, and TransPoint is one of the strategic companies we plan to work with in this arena,”
said Edgar Brown, senior vice president of First Union.
“TransPoint has demonstrated its commitment to enhancing financial institutions’ customer relationships, and its business model provides significant opportunities for us to better serve our customers.”
Charlotte, N.C.-based First Union Corp. is the nation’s sixth-largest bank holding company. It serves more than 16 million retail and commercial customers and constitutes the nation’s third-largest branch network on the East Coast.
“The addition of First Union allows consumers throughout the Eastern seaboard to pay Internet e-bills through one of the largest banks in the country and enhances TransPoint’s strong regional and national presence,”
said Lewis Levin, vice president of desktop finance at Microsoft.
“We look forward to working with First Union and enabling the company to offer TransPoint E-Bills to its customers.”
With the TransPoint pilot service, First Union customers will benefit from an efficient, easy-to-use bill management system that collects bills from participating billers and displays them at the First Union bill presentation Web site.
TransPoint has announced pilots with several financial institutions, including Banc One Corp., KeyBank, Norwest Corp., Merrill Lynch and Company Inc., Wells Fargo Bank, Citibank and Mellon Bank Corp. More than 24 billers are also included in the pilot, including PECO Energy Co., J.C. Penney Company Inc., Mobil Corp. and Xerox Corp.
About First Union
First Union Corp. (NYSE
“FTU”
) is a leading provider of financial services to more than 16 million retail and corporate customers throughout the East Coast and the nation. First Union is the nation’s sixth-largest bank holding company, based on assets of $234.6 billion as of Sept. 30, 1998, and ranks among the top 15 financial services companies in the world, based on market capitalization. The company operates full-service banking offices in 12 states and Washington, D.C. For more information, visit First Union’s Web site at http://www.firstunion.com/ .
About TransPoint
Formerly MSFDC, TransPoint is a joint venture of Microsoft Corp. and First Data Corp., formed in June 1997. Citibank is a minority equity investor in TransPoint. In early 1999, the company is scheduled to introduce the nation’s first end-to-end system for Internet bill delivery and payment. TransPoint’s service, which will use existing payment systems, will allow consumers to access and pay their bills through the branded home banking services of participating financial institutions. TransPoint is based in Englewood, Colo. For more information, visit http://www.transpoint.com/ .
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