23 May 2018
https://aciworldwide.webex.com

Metavante to acquire Spectrum EBP

29 July 2002  |  3763 views  |  0 online purchase

Metavante is to acquire the assets of Spectrum EBP, the bank-backed switch for exchanging online bills and payments. Financial terms were not disclosed.

Metavante plans to link Spectrum's switch technology with its own end-to-end electronic presentment and payment platform, which allows companies to electronically prepare bills and statements, and enable their customers to receive them and make payments on the Internet.

"This is the next logical step in the evolution of EBPP. The creation of the bank-centric switch model was a great achievement, and now it makes sense for a technology provider with the proven ability to handle large-volume financial transactions to become an end-to-end provider," says Sridhar Chityala, senior vice president, JPMorgan Chase - one of the founder banks of Spectrum.

Metavante has existing bill payment contracts with the three founding member banks of Spectrum, JPMorgan Chase, Wachovia Corporation and Wells Fargo, each of which will remain in force.

Clyde Ostler, group executive vice president of Internet services, Wells Fargo, says: "We have all been impressed with Metavante's continued commitment to building its technology platform to serve billers and consumers alike, and this acquisition will augment its full suite of electronic presentment and payment services."

Earlier this month, Metavante announced plans to acquire the assets of online bill management company, Paytrust.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

EIPP outlook strong, says Giga

EIPP outlook strong, says Giga

25 July 2002  |  4880 views  |  0 comments
Bills.com offers P2P e-mail payments

Bills.com offers P2P e-mail payments

16 July 2002  |  3192 views  |  0 comments
Metavante to acquire Paytrust

Metavante to acquire Paytrust

02 July 2002  |  2710 views  |  0 comments
Wells Fargo adds CheckFree to EBPP service

Wells Fargo adds CheckFree to EBPP service

19 June 2002  |  5364 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://go.jumio.com/finextraAdVisit response.ncr.comVisit www.vasco.com/news/mobile-first

Top topics

Most viewed Most shared
PayPal agrees $2.2 billion deal for iZettlePayPal agrees $2.2 billion deal for iZettl...
9895 views comments | 16 tweets | 28 linkedin
BBVA begins global roll-out of unified mobile appBBVA begins global roll-out of unified mob...
8716 views comments | 6 tweets | 5 linkedin
Japanese banks join quantum computing hubJapanese banks join quantum computing hub
7368 views comments | 8 tweets | 5 linkedin
SEC lures wannabe crypto investors with fake ICO siteSEC lures wannabe crypto investors with fa...
6884 views comments | 7 tweets | 11 linkedin
Fed governor: Digital tokens for financial settlement hold promise for central banksFed governor: Digital tokens for financial...
6591 views comments | 7 tweets | 11 linkedin

Featured job

Six-Figure Base + OTE + Benefits
London, UK

Find your next job