The Most electronic banking network, one of the top five regional systems in transaction volume, is expanding its home banking services through an alliance with SmartPay Processing Inc.
Most, which has been supporting home banking and bill payment services from Online Resources and Communications Corp. and U.S. Order, plans also to make SmartPay services available via both telephones and personal computers by the middle of this year.
"Our members want us to do this because consumers want time and place convenience," said Richard G. Lyons Jr., chief operating officer of Internet Inc. of Reston, Va., which operates the Most network.
The company connects about 6,000 ATMs in the middle-Atlantic region and almost 40,000 point of sale terminals. Bank Network News last year ranked it fifth among networks, based on monthly transaction volume of 58 million, including 17 million through its central switch.
"We want to make sure we're positioned to support the transaction wherever the consumer initiates it," Mr. Lyons said.
He was quick to point out that the SmartPay alliance does not alter, and in fact underlines, the network's commitment to supporting a variety of home banking and bill paying services.
The agreement designates SmartPay as a preferred provider of services for the Most network.
SmartPay, based in Bellevue, Neb., is a systems and processing company that offers what it says is an easy and economical way of entering into interactive banking and bill paying. It recently signed a similar agreement with Magic Line Inc., the major regional automated teller machine network in the Midwest, with services to be available in the first quarter this year.
A SmartPay spokesman said the company was talking to other regional networks, but was not yet ready to make any announcements about additional alliances.
Through SmartPay, Most's 17 million cardholders will be able to pay bills and conduct simple banking transactions by phone or by using a personal computer.
SmartPay will also support payment and cash management services for small businesses.
"The small business customer will pay usually about three times what a consumer will pay for these services," said Mr. Lyons. "That's another reason the SmartPay alliance made sense for us."
The Most organization plans eventually to investigate and implement other SmartPay options, including an on-line brokerage service, travel options, and news reports.
"Our first priority is to add financial-services content to home-based technologies like telephones and personal computers," said Mr. Lyons. "After we add the financial services, then we will look into other available services as these applications attract interest from our members."
