Online banking group dissolves

By Maria Trombly

March 2, 2000 12:00 PM ET

Recommended

(3)

Digg

Twitter

Share/Email

Integrion Financial Network, a bank consortium created four years ago by North America's top banks and IBM to defend online banking against high-tech competition, is folding after continued turmoil in its management ranks.
The responsibility for managing the processing services related to the Interactive Financial Services platform will be shifted to member banks, the consortium announced yesterday.
There's no specific time table set for the dissolution of the network and transfer of responsibility to member banks, a spokesman said. Integrion should be in place through this year and into 2001, the spokesman added.
Integrion was created in 1996 by major banks such as Bank of America Corp. in Charlotte, N.C., and Bank One Corp. in Columbus, Ohio.
Consortium officials said the founding mission of the consortium is now complete. In a statement, officials said there will be some near-term staff reductions at Integrion. The majority of the Integrion team, including its managing director and chief operating officer, will remain in place until early next year.

Recommend Digg Twitter ShareThis

Email Print Send Feedback Reprints

Jump to comments

IT Management

Additional Resources

WHITE PAPER

Do You Know the 7 Steps to Successful Data Migration?

Approximately 60 percent of data migration projects overrun time or budget, while some fail completely. Download this white paper, "Enhancing Your Chance for Successful Data Migration," to learn the critical steps you need to take to execute a data migration project with minimum cost and risk to your business.

WHITE PAPER

Total Cost of Ownership of Server Computing Vs. PCs

Read the Gartner research note to learn why the TCO of a server-based computing deployment used to deliver all applications to users is around 50% lower than that of an unmanaged desktop deployment.

WHITE PAPER

IDC White Paper: Linux in a Global Recession

Economic downturns have a tendency to accelerate emerging technologies, boost the adoption of effective solutions, and punish solutions that are not cost competitive or that are out of synch with industry trends. This IDC White Paper presents the results of an IDC survey of 330 companies in Western Europe, Asia/Pacific and the Americas that measures the receptiveness to Linux and takes into consideration changing views driven by the disruptive economic environment that businesses face today.