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IBM to unveil Internet banking alliance
>Date: Mon, 9 Sep 1996 11:20:03 -0400
>From: [email protected] (Joseph M. Reagle Jr.)
>To: [email protected]
>Subject: IBM to unveil Internet banking alliance
> SAN FRANCISCO (Reuter) - International Business Machines
>Corp. <IBM.N> has made an alliance with more than a dozen
>major banks to provide consumer banking services using
>Internet technology, IBM and industry executives said Friday.
> The consortium will be dubbed Integrity and will be owned
>equally by IBM and each of the partners.
> Banks will be able to use IBM's worldwide private network
>as well as the Internet to enable their customers to do their
>banking electronically. Specific details of the banking
>arrangement have yet to be worked out, one of the executives
> IBM and the banking instititutions involved are due to
>unveil the Integrity project in New York on Monday.
> The alliance is one of several industry projects that
>IBM's Internet Division is establishing to help large
>companies utilize the Internet.
> The banking alliance will have competition from other
>electronic banking services being organised by companies like
>Intuit Corp., America Online Inc. and Microsoft Corp.
> Just this week, Intuit and America Online said a number of
>leading financial institutions would offer their customers
>online banking via AOL, using software developed by Intuit
>known as BankNOW.
> At an Internet and Electronic Commerce conference in San
>Francisco this week, Intuit Chairman Scott Cook said the new
>service targets people who want to use electronic transactions
>to speed up their banking.
> Cook said he expects the new service will differ from what
>the IBM-led consortium might provide.
> NationsBank has been among companies frequently mentioned
>as participating in the IBM consortium, but a spokesman late
>on Friday declined to discuss a Wall Street Journal report
>that it would be involved in the consortium.
Regards, Nothing is so strong as gentleness,
and nothing is so gentle as true strength. -Ralph Sockman
Joseph Reagle http://rpcp.mit.edu/~reagle/home.html
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