Early next year Chase Manhattan Bank will integrate electronic bill presentment/payment services, at no charge, to its credit card and mortgage customers. Yesterday’s decision to expand ‘Chase Online Banking’ will make Chase the first U.S. bank to offer customers the ability to view and pay bills from participating merchants, via the Internet; pay any paper bill electronically; and complete all personal banking transactions online. Chase said Thursday it will offer its new services to both individual and commercial customers. The bank will utilize CheckFree’s internet billing solution. CheckFree began marketing its I-pay/bill service in March.
The Chase Manhattan Bank and CheckFree Corp. today announced that Chase intends to become the first bank in the United States to offer electronic bill presentment services to its individual and commercial customers.
Expected to be live in the first quarter of 1998, the new service, which will be provided at no additional charge to consumers, integrates CheckFree’s Internet bill presentment functionality with Chase’s commercial cash management products and consumer on-line banking services. Chase’s Credit Card and Mortgage units will be among the first billers to go live on the service.
By providing electronically presented bills, Chase dramatically enhances the convenience of its online banking. Customers can view and pay bills from participating merchants over the Internet, pay any paper bill electronically, and complete all personal banking transactions online.
“Adding Electronic Bill Presentation and Payment to Chase Online Banking saves our customers time and makes managing day to day finances much easier,” said Michael Hegarty, Chase Vice Chairman. “This is one more step in our strategy of putting Chase’s leadership in Electronic Commerce to work for our customers.”
“Chase is establishing a first to market advantage with electronic billing and payment,” said Pete Kight, chairman and CEO of CheckFree. “CheckFree believes the trusted financial institution is the place customers should go to get financial services, and it’s tremendously exciting to work with a leader like Chase on this project.”
“Electronic bill presentment is not only great for consumers and small businesses, it is an extraordinary opportunity for middle market companies, large corporations and institutions,” said James Zeigon, Chase Global Services Executive, noting that electronic bill presentment offers cost savings of 30 to 60 percent over paper billing and creates a platform for interactive marketing. “Electronic bill presentment is one more way Chase is providing leading-edge solutions to meet our customers’ needs.”
CheckFree Corp. introduced the first live, market-release product for electronic bill presentment and payment in March 1997. Founded in 1981, CheckFree Corp. (http://www.checkfree.com) is the leading provider of financial electronic commerce services, software and related products for 1.8 million consumers, 1,000 businesses and 850 financial institutions. CheckFree designs, develops and markets services that enable its customers to make electronic payments and collections, automate paper-based recurring financial transactions and conduct secure transactions on the Internet.
The Chase Manhattan Corp. is the largest bank holding company in the United States, with over $350 billion in assets. Chase (http://www.Chase.com) currently provides online banking and bill payment services to over 150,000 consumers and is a major provider of electronic bill paying services for large corporations, processing about 20 million electronic bill payments monthly. Chase is a leader in developing electronic commerce applications, and was the first bank to accept ACH payment instructions over the Internet. Chase does business with over 25 million consumers coast to coast. In retail banking, it has leading positions in electronic commerce, mortgages and credit cards and the largest network of branches and ATMs in the metropolitan New York area.