Spectrum and Financial Fusion Partner to Offer EBPP to World's Leading Banks.
ATLANTA & CONCORD, Mass.--(BUSINESS WIRE)--March 13, 2002
Financial Fusion to be Certified on Spectrum Network; Expanding
Spectrum Network Adds Over Five Million Potential Online Consumers
Spectrum EBP, LLC, a bank-centric payment systems company for electronic bill presentment and payment (EBPP), and Financial Fusion Inc., a wholly owned subsidiary of Sybase Inc. (NYSE: SY), today announced a strategic alliance in which Financial Fusion will be certified to the Spectrum network. With this alliance, Financial Fusion has the ability distribute bills and collect payments for its 5 million online customers through the Spectrum network of consumer service providers (CSPs) and participant financial institutions.
This agreement will allow Financial Fusion the opportunity to establish relationships with Spectrum's member financial institutions and to leverage Spectrum's participating network of eight million online consumers. The Spectrum network also provides Financial Fusion customers with a lower cost alternative to legacy EBPP processors. Financial Fusion customers are uniquely positioned to take immediate advantage of Spectrum using Financial Fusion's existing OFX/IFX technology.
"As the leading provider of online banking solutions to large financial institutions, Financial Fusion is able to bring a number of strategic customers to the Spectrum network," said John Perry, Chairman and CEO of Spectrum. "Financial Fusion's participation in Spectrum demonstrates the continued interest financial institutions have in Spectrum's open, bank-centric EBPP platform."
Meredith Hickman Outwater of Celent says, "Spectrum is the pivotal threshold of the EBPP industry on account of its open network of billers, financial institutions and consumers. Financial Fusion's partnership with Spectrum will strengthen the firm's EBPP offering by exposing it to Spectrum's growing network and offering Financial Fusion's customers the flexibility necessary in planning a successful online payment and presentment offering. This will position Financial Fusion well within the industry."
"Financial Fusion recognizes the industry leadership and momentum that Spectrum has added to the EBPP market," said Michon Schenck, president and COO, Financial Fusion, Inc. "We realize that a partnership with Spectrum is essential in order to offer our customers the solutions they need to succeed in EBPP."
Including six of the top 10 U.S. banks, a total of 24 financial institutions belong to the Spectrum network or have signed letters of intent to participate in the network. As a payment systems company, Spectrum routes online payments, presentments, invoices, statements and other related information. With the industry's only standards-based OFX/IFX platform, the Spectrum open network enables participants to benefit from low-cost switch fees, a good funds model and its unique same-day settlement process. Spectrum's expansive reach includes access to over eight million online banking customers through its founding banks and 308 large-industry billers through strategic alliances with 11 technology partners.
About Financial Fusion
Financial Fusion, Inc. (www.financialfusion.com) provides enterprise-class e-finance solutions to the world's leading financial institutions, fusing applications and middleware on a single, integrated platform. The company builds complete financial destinations for banking and STP solutions for capital markets. All solutions run on the Financial Fusion Server(TM), a 100% Java based, multi-tier architecture, built to open standards. The company's worldwide support network includes offices in 60 countries. Global alliance partners include IBM, Sun Microsystems, and SWIFT. Financial Fusion is a wholly owned subsidiary of Sybase, Inc. (NYSE: SY).
Spectrum, headquartered in Atlanta, Ga., is an independent payment systems company fully owned by J.P. Morgan Chase & Co. (JPM), Wachovia Corporation (FTU) and Wells Fargo & Company (WFC). Formed to facilitate the exchange of electronic bills and payments, Spectrum's mission is to provide a secure, open and interoperable infrastructure to electronically link consumer and biller service providers. Additionally, Spectrum seeks to provide value to its participants by providing superior service and reducing overall bill presentment and payment costs. Spectrum does not host any bills directly, nor does it retain any bill details. Including the three founders, 24 financial institutions currently belong to the Spectrum network or have signed letters of intent to participate in the network. More information on Spectrum can be found at www.spectrumebp.com.
This press release contains forward-looking statements made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such forward-looking statements, such as statements relating to the certification of the Financial Fusion products to the Spectrum network and others are not guarantees of future performance and involve risks and uncertainties that could significantly affect expected results in the future from those expressed in any such forward-looking statements made by, or on behalf of the company.