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Spectrum bill presentment project signs up 11 banks

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New York--Eleven major U.S. banks have signed on to participate in an electronic bill presentment project being organized by Spectrum L.L.C., an independent company formed last year by Chase Manhattan Bank, New York; First Union Corp., Charlotte, N.C., and Wells Fargo & Co., Minneapolis. New participants include HSBC USA, New York; Mellon Financial Corp., Pittsburgh; Wachovia Corp., Winston-Salem, N.C.; Summit Bancorp, Summit, N.J.; and Comerica, Detroit. All banks participating in Spectrum will market electronic bill presentment technologies to their business customers. Electronic bill presentment is seen by the financial services community as one of the most expedient ways to begin facilitating e-commerce projects between banks and merchants.
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