Chase Wholesale EBPP Service Adds Billers.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 16, 2000 RG&E and Sunoco Go Live The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , lead subsidiary of The Chase Manhattan Corporation The Chase Manhattan Corporation was a bank holding company formed as parent of the Chase Manhattan Bank. During its time as the parent company, it was led in succession by David Rockefeller, Willard C. Butcher, and Thomas G. Labrecque. (NYSE NYSE See: New York Stock Exchange : CMB Noun 1. CMB - (cosmology) the cooled remnant of the hot big bang that fills the entire universe and can be observed today with an average temperature of about 2. ) announced that Rochester Gas & Electric Corp. (RG&E), a subsidiary of RGS RGS Royal Geographical Society RGS Rio Grande do Sul (Brazilian State) RGS Regulators of G Protein Signaling RGS Royal Grammar School (England) RGS Royal Grammar School (UK) Energy Group. Inc. (NYSE: RGS), and Sunoco, Inc. (NYSE: SUN) have successfully presented their first customer e-bills through Chase's electronic bill payment and presentment (EBPP (Electronic Bill Presentment and Payment) Sending invoices to customers over the Internet. When payment is due, an e-mail is sent with a link to a Web page that contains the billing information and the payment services that are supported. ) service. With this service, RG&E and Sunoco consumer customers can choose to receive and pay their bills over the Internet, eliminating the need for paper bills, thereby increasing convenience and reducing costs. RG&E, which serves 344,000 electric and 289,000 gas customers in a nine-county region
The Nine-County Region (Metro Indianapolis Area) is an informal name to an area comprising nine counties in the center of the U.S. state of Indiana with a population of almost 2 million residents. of Upstate New York Upstate New York is the region of New York State north of the core of the New York metropolitan area. It has a population of 7,121,911 out of New York State's total 18,976,457. Were it an independent state, it would be ranked 13th by population. , is among the first utility companies to offer this innovative e-commerce service to consumers. "This project adds an exciting new payment alternative to RG&E's menu of convenient, cost effective payment options," says Burt Stokes, Senior Vice President and CFO See Chief Financial Officer. of RG&E. "Our selection of Chase provides access to a wide array of current and future capabilities in the area of Internet billing and payment, which benefits all parties involved. For our customers, the ability to receive and pay their bills electronically offers both convenience, by removing the need for a check and stamp, and surety of payment. For RG&E, e-billing reduces postage costs and streamlines our internal billing processes, freeing resources to concentrate on our core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
Sunoco services its own proprietary credit card, and each month mails over 550,000 billing statements to its customers. Sunoco chose Chase as its EBPP service provider because of Chase's experience as a credit card biller, its history of working with card processors and issuers to facilitate processing of payments, and its long-standing cash management relationship with Sunoco. The Chase e>Stream EBPP service simplifies the electronic billing Electronic billing is the electronic delivery and presentation of financial statements, bills, invoices, and related information sent by a company to its customers. Electronic billing is also referred to as the following:
Once Chase receives a customer's billing information, that data is fed into a customized e-bill template. Chase provides consolidated services to update the biller's accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and maintains all the necessary electronic connections for the biller. Customer bills are delivered through several different channels, including the biller's own web site and bill aggregators. Chase is developing the capability to deliver bills through emerging "push" technologies, such as secure e-mail, personal computing devices and pagers. According to Chase EBPP Executive Richard Erario, "Ensuring that we provide our wholesale clients with the capabilities they need to be successful in the Internet age is a priority for Chase. Among the first in their industries to embrace electronic bill presentment and payment See EBPP. , RG&E and Sunoco are clearly responding to the significant impact of the Internet on their marketplaces and recognizing the growing consumer demand for online billing." Chase plans to sponsor RG&E and Sunoco into Spectrum EBP EBP Evidence Based Practice EBP Enterprise Buyer Professional EBP Education Business Partnership EBP European Business Programme EBP Efficiency Bandwidth Product EBP Electronic Billing and Payment EBP Extended Base Pointer EBP Error Back Propagation L.L.C., so they can take advantage of the Spectrum presentment and payment network, and thereby gain necessary critical mass among consumers for their billing services. Spectrum, founded by Chase, First Union and Wells Fargo, provides a secure, open and interoperable infrastructure to link billers and consumers in order to present and pay consumer bills electronically. Spectrum is moving toward a "good funds" model which will verify available funds as soon as a customer initiates payment, thereby reducing the current 2-3 day lag time in electronic payments to less than a day in most instances. Chase is committed to developing industry standards to facilitate commerce over the Internet, to expand alternatives for all industry groups, and to drive adoption of EBPP through maximum consumer and biller reach. About Rochester Gas & Electric RG&E, a subsidiary of RGS Energy (NYSE: RGS), currently serves 344,000 electric and 289,000 gas customers in a nine-county region of Upstate New York. For more information, you can visit the RG&E corporate website at www.rge.com. About Sunoco, Inc. Sunoco, Inc. (NYSE: SUN), headquartered in Philadelphia, is one of the largest independent petroleum refiner-marketers in the United States. Sunoco operates five domestic refineries with 730,000 barrels a day of crude oil processing capacity and markets gasoline through approximately 3,500 Sunoco retail outlets in 17 states from Maine to Virginia and west to Indiana. Sunoco sells lubricants and petrochemicals worldwide, operates domestic pipelines and terminals, and manufactures metallurgical-grade coke for use in the steel industry. For more information about Sunoco, Inc. please visit their website at www.sunocoinc.com. About The Chase Manhattan Corporation The Chase Manhattan Corporation (www.chase.com) is a premier global financial services firm with assets in excess of $396 billion. Chase combines the best of commercial and investment banking, offers world-class information and transaction processing services, and has a leading U.S. consumer franchise that serves 30 million customers. Through its newly formed business unit Chase.com, Chase is successfully creating innovative business models for the New Economy. Chase, with offices in more than 45 countries, has a presence in all of the principal financial centers around the world. Editor's Note: The symbol between the "e" and "Stream" in the first line of the sixth paragraph is a Greater Than symbol. |
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