Eleven Major U.S. Banks Set to Participate in Spectrum; Widespread Industry Acceptance of Spectrum Will Jumpstart Market for Electronic Billing.

NEW YORK--(BUSINESS WIRE)--December 8, 1999--

Eleven major U.S. banks have signed letters of intent to participate in Spectrum, L.L.C., an independent company formed in October by The Chase Manhattan Bank, First Union and Wells Fargo to facilitate the exchange of electronic bills. New participants include: Michigan National, Comerica, First Tennessee, HSBC USA Inc., Mellon Financial Corp., M&I Marshall & Ilsley Bank, Summit Bancorp, and Wachovia Corp.

Chase, First Union and Wells Fargo formed Spectrum earlier this year to fill a significant gap in the electronic bill presentment market. Spectrum functions like a hub, allowing participants to route electronic bills through a single connection to other participants. By bringing together a critical mass of consumers and billers, as well as promoting interoperable standards, Spectrum will accelerate the adoption of electronic bill presentment and fuel market growth.

"Industry response to Spectrum has been absolutely phenomenal," said Ronald Braco, chairperson of Spectrum's board and senior vice president of Chase Manhattan. "Virtually every major financial institution is interested in joining, and we expect to continue to build membership at an accelerated pace. The high level of interest among major financial institutions validates the Spectrum model and is personally gratifying to those of us who have worked hard to establish this critical industry initiative."

Spectrum became operational as an independent company with full funding from the founding banks in mid-October 1999. The Spectrum technology platform has been in production since the end of November, and bills are now being exchanged between the founding members. The company plans to add payments capability in the second quarter of 2000.

"We've successfully put the pieces in place and demonstrated our ability to exchange bills through Spectrum," said Sharon Osberg, Spectrum board member and executive vice president and head of Wells Fargo Online Financial Services. "By signing up major U.S. banks, we are rapidly accumulating the critical mass of billers, small businesses and individuals needed to fuel widespread adoption of electronic bill payment and presentment."

A new report from Roper Starch estimates that a quarter of U.S. households now have Internet access, up from an estimate of 14 percent in 1997, and this number continues to grow. These consumers embrace online solutions that save them time and make their lives easier and, according to market research, have a keen interest in receiving their bills online. Now individuals will be able to access consolidated billing information through the bank of their choice, so long as it is associated with Spectrum. In the future, affiliated banks may offer a variety of services to billers for hosting or delivering electronic bills, but Spectrum itself will not host any bills, and it will not retain any billing details.

"As the first organization to provide an open, interoperable mechanism for exchanging online bills, regardless of the technology employed by the individual members, Spectrum will make electronic billing a reality for the average American," said Kellie Scott, Spectrum board member and senior vice president and Director, eChannels Division at First Union.

Research shows that consumers are interested in receiving bills via their banks. By bringing together millions of billers, small businesses and consumers, Spectrum is building the critical mass necessary to speed the adoption of electronic billing.

About The Chase Manhattan Corporation 

With more $370 billion in assets, The Chase Manhattan Corporation (NYSE: CMB) is widely recognized as a leading technology company and is at the forefront of developing electronic commerce solutions for both its wholesale and retail clients. It is among a handful of truly global financial institutions, with wholesale banking operations in 49 countries and clients in 180. Domestically, Chase has offices in 39 states and relationships with more than 30 million households coast-to-coast. For more information, please visit www.chase.com.

About First Union Corporation

First Union Corporation (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 $235 billion as of September 30, 1999. The company operates full-service banking offices in 12 states and Washington, D.C. The company's web site and online banking products and services can be accessed through www.firstunion.com.

About Wells Fargo & Company

Wells Fargo & Company (NYSE: WFC) is a $205 billion financial services company providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and other distribution channels across North America, including all 50 states, and elsewhere internationally. Visit Wells Fargo at www.wellsfargo.com.