Spectrum LLC, a bank-owned venture that seeks to put banks at the center of the electronic bill payment and presentment business, took a long-awaited step forward on Monday when it announced it had selected two vendors to build its service.

Outsourcer Alltel Corp. will take the lead role in managing software development for Spectrum, a joint venture of Chase Manhattan Corp., First Union Corp., and Wells Fargo & Co., while Intelidata Technologies Corp. will provide its bill payment products and expertise.

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