22 October 2017
visit www.avoka.com

Metavante to acquire Spectrum EBP

29 July 2002  |  3690 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  |  4812 views  |  0 comments
Bills.com offers P2P e-mail payments

Bills.com offers P2P e-mail payments

16 July 2002  |  3095 views  |  0 comments
Metavante to acquire Paytrust

Metavante to acquire Paytrust

02 July 2002  |  2632 views  |  0 comments
Wells Fargo adds CheckFree to EBPP service

Wells Fargo adds CheckFree to EBPP service

19 June 2002  |  5256 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.niceactimize.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
10485 views comments | 22 tweets | 26 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
10013 views comments | 17 tweets | 24 linkedin
satelliteGates Foundation backs Ripple collaboratio...
9062 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8134 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7918 views comments | 10 tweets | 22 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job