Spectrum, the US bank-backed payment systems company that routes electronic bills and payments between billers and consumers, has entered a distribution agreement with biller service provider Billserv.
Under the agreement, Billserv will distribute its clients' electronic bills to the nearly 8 million online consumers served by Spectrum's founding financial institutions, JP Morgan Chase, Wachovia and Wells Fargo.
The first billers to be implemented on the Spectrum system will be sponsored by JP Morgan Chase and Wells Fargo.
Michael Long, chairman and CEO of Billserv, says: "Spectrum's model allows our billers to maintain their existing banking relationships while accessing Spectrum's expanding network of financial institutions, billers and consumers."
A total of 22 financial institutions now belong to the Spectrum network or have signed letters of intent to participate in the network.