Date: Mon, 9 Sep 1996 11:20:03 -0400 From: reagle@rpcp.mit.edu (Joseph M. Reagle Jr.) To: reagle@rpcp.mit.edu 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 said. 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 reagle@mit.edu E0 D5 B2 05 B6 12 DA 65 BE 4D E3 C1 6A 66 25 4E