The past is repeating itself for George A. Budd.
Four years ago he left his technology post at C&S/Sovran Corp. to join International Business Machines Corp.'s abortive effort to create a check processing and electronic payments utility.
Now he is joining IBM's latest foray into a similar area. Mr. Budd has been named director of administration and operations for Integrion Financial Network, a home banking consortium made up of IBM and 16 major banks.
He sees himself as wiser for having seen the electronic banking consortium concept "when it didn't work."
Integrion's "larger ownership base and the equitable pricing structure are all very solid requirements for success," he said.
Mr. Budd will direct Integrion's internal computer operations. His responsibilities include developing a common network technology for bank and merchant participants.
He also will supervise Integrion's role in home banking pilot programs set to begin in 1997 and will plan the subsequent rollout of services to banks.
In addition, he will be Integrion's main liaison with IBM as the company develops the Interactive Financial Services application that will provide nonbanking financial services throughout the network.
Integrion's bank owners are: ABN Amro Holding, Banc One Corp., BankAmerica Corp., Barnett Banks Inc., Comerica Inc., First Bank System Inc., First Chicago NDB Corp., Fleet Financial Group, KeyCorp, Mellon Bank Corp., Michigan National Corp., NationsBank Corp., Norwest Corp., PNC Bank Corp., Royal Bank of Canada, and Washington Mutual Inc.
The Integrion bank partners have relationships with about 60 million households.
Among the top short-term priorities for Mr. Budd: helping Integrion managing director William M. Fenimore Jr. hire a technical staff and get the first service offerings to market.
"We have the advantage of having a pretty attractive amount of development work which was already undertaken," he said.
In 13 years at C&S/Sovran, Mr. Budd directed the installation and use of advanced branch delivery systems and the development of an integrated corporate financial system.
His experience in developing electronic financial networks dates from 1970, when he began his career with the Federal Reserve Bank of Atlanta.
In his time at the Fed, Mr. Budd was on the Committee on Paperless Entries, whose work formed the basis of nationwide automated clearing houses adopted by the Federal Reserve System.
At the Atlanta Fed, Mr. Budd also was responsible for helping introduce direct deposit programs for Social Security and the U.S. Treasury.
Mr. Budd "did some of the very early thinking about new payment systems, particularly the ACH system," said Jack Guynn, president of the Atlanta Fed.
"He is a bright, forward-thinking person in the banking industry," Mr. Guynn said, "with a great knack for being able to think about the opportunities to provide services through technology."
